SAN JOSE, Calif. –- Fred Anderson, Apple Computer Co.'s ex-chief financial officer, has hammered out a settlement with the Securities and Exchange Commission on his alleged participation in the backdating of stock options.

Under the expected settlement, Anderson has agreed to pay a fine of about $150,000 and repay option gains of about $3.5 million, a source stated. However, Anderson won't admit to any wrongdoing as part of the settlement.

The settlement also will not bar Anderson from serving as a corporate officer or board member of public companies.

Separately, the SEC is expected to pursue a civil lawsuit against Apple's former general counsel Nancy Heinen alleging fraud in connection with two option grants. One involved a grant to Apple Chief Executive Steve Jobs on Oct. 19, 2001, for 7.5 million shares and another involved a grant made to top executives, including Heinen herself, on Jan. 17, 2001.

Apple said in December it would take an $84 million charge for misdating more than 6,400 stock options.

Editor's note:
Beat the Falling Dollar With These 4 Foreign Currency Plays.
Cash in on dollar slide. Make 25 to 50% in six months.
What Happens When Easy Money Disappears? 12 Ways to Profit.