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Linda Chatman Thomsen, Director of the SEC's Division of Enforcement.

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The two men and another senior RIM executive, Dennis Kavelman, must also repay a total of .3 million, including .3 million in interest to RIM.And they must pay .8 million to cover the company's investigative costs, of which they have already contributed million.However, backdating takes the stock option practice a step further by creating an option on a certain day, but pricing the stock option at a price sometime in the past when shares were even cheaper -- making the potential profits higher.The practice theoretically rips off the company's existing shareholders because it's offering an undisclosed, artificially created price to an exclusive group of shareholders, often executives at the company."I think it's highly inappropriate for me to talk about specifics of the settlement and so I just won't," he added.

"But I really want to re-emphasize that we take this very seriously." The OSC declined to reveal how the two payments will be divvied up between the executives, saying that they had asked the commission to fine them as a group.Under the settlement, Jim Balsillie and Mike Lazaridis, co-CEOs of Black Berry-maker Research in Motion Ltd., as well as former chief financial officer Dennis Kavelman will contribute the bulk of the fines.Also included are several other executives and directors from one of the most successful companies in the history of Canada.TORONTO - The leading executives who helped create the internationally renowned maker of the Black Berry smartphone will pay the brunt of about million in fines and restitution to settle allegations they participated in a practice known as stock option backdating.The settlement Thursday is one of the biggest in the history of the Ontario Securities Commission, and marked a rare occasion where some of the country's most prominent executives appeared before the commission for alleged wrongdoing.that is really what people were looking for," Carmi Levy, a telecom analyst at AR Communications Inc. "Both of them have been absolutely critical in getting the company to where it is today ...