Henry Samueli

Henry Samueli (born September 20, 1954 in Buffalo, New York) is co-founder and chief technology officer of the Broadcom Corporation and a philanthropist in the Orange County, California community. In 2007 "Forbes" placed Samueli's net worth at $2.3 billion. [ [http://www.forbes.com/lists/2007/54/richlist07_Henry-Samueli_KUE6.html The Forbes 400 - #195 Henry Samueli] ] He currently resides in Corona del Mar, California.

Education

Samueli's parents, Sala and Aron, were Polish Jewish immigrants who survived Nazi Europe and arrived in the United States with almost nothing. Samueli stocked shelves in his family's Los Angeles liquor store and graduated from Fairfax High School.

Samueli attended UCLA, where he received his bachelor's degree (1975), master's degree (1976), and Ph.D (1980), all in the field of electrical engineering. His Ph.D. dissertation is entitled [http://melvyl.cdlib.org/F/X91VSM2BUESDBNA7KHH8IXVBQF4T4MBP8NTEUMTBRSJU1GCTAV-10435?func=find-b&find_code=AUT&request=Samueli%2C+Henry&adjacent=N&filter_code_4=WID&filter_request_4=&filter_code_5=WTP&filter_request_5=&filter_code_1=WLN&filter_request_1=&filter_code_2=WYR&filter_request_2=&filter_code_3=WYR&filter_request_3=&x=0&y=0 "Nonperiodic forced overflow oscillations in digital filters"] .

Broadcom Origins

In 1991, while still working as a professor at UCLA, Samueli co-founded his company, Broadcom Corporation, with one of his former students, Henry Nicholas. Each invested in $5,000 and worked out of Nicholas' Redondo Beach home, moving to Irvine four years later and took the firm public three years after that. In 1998, when Broadcom became a publicly traded company, Samueli stopped working as a professor, but the UCLA Department of Electrical Engineering still maintains his name on the list of faculty.

Anaheim Ducks Ownership

In June 2005 he and his wife Susan bought the NHL's Mighty Ducks of Anaheim, now called the Anaheim Ducks, from the Walt Disney Company for $75 million. Samueli also owns the company that operates the city-owned Honda Center, the home of the Ducks. The Anaheim Ducks are now worth a reported value of $197 million. [ [http://www.forbes.com/lists/2007/31/biz_07nhl_Anaheim-Ducks_310658.html NHL Team Valuations - #12 Anaheim Ducks] ]

Under the ownership of Samueli and his wife Susan, the Anaheim Ducks won the 2007 Stanley Cup championship.

Philanthropy

, which was dedicated in 2005.

He is Jewish and has been known for helping many Israeli causes.

Financial Investigation

Both the Securities and Exchange Commission, as well as the Department of Justice have been investigating Broadcom Corporation for backdating of stock options. Although an internal Broadcom investigation cleared Samueli in mid-February 2007, Samueli hired his own attorney confirming that "the company and Samueli were responding to investigators separately" [ [http://www.tmcnet.com/usubmit/2007/02/19/2347891.htm Samueli and Broadcom going different ways] ] .

On May 15, 2008, Samueli resigned as Chairman of the Board and took of a leave of absence as Chief Technology Officer after being named in a civil complaint by the SEC. [ [http://losangeles.bizjournals.com/losangeles/stories/2008/05/12/daily23.html?ana=yfcpc Broadcom execs charged by SEC, take leave of absence] ]

On June 23, 2008, Samueli pleaded guilty for lying to SEC for $2.2 billion of backdating. Under the plea bargain, Samueli agreed to a sentence of five years probation, a $250,000 criminal fine, and a $12 million payment to the US Treasury. His sentencing is scheduled for August 18. [ [http://news.yahoo.com/s/ap/20080624/ap_on_hi_te/broadcom_samueli Broadcom exec pleads guilty to lying to SEC] ] [ [http://www.law.com/jsp/article.jsp?id=1202422503217 Broadcom Co-Founder Enters Guilty Plea] ] He was suspended indefinitely as the Anaheim Ducks' team owner by the National Hockey League.

During the technology boom in the 2000s, Samueli and Broadcom co-founder Henry T. Nicholas III awarded millions of stock options to attract and reward employees. Prosecutors alleged Samueli and Nicholas granted options to others, including some other top executives but not themselves, to avoid having to report $2.2 billion in compensation costs to shareholders.Citation | last=Reckard | first=E. Scott | last2=Goffard | first2=Christopher | title=Broadcom co-founder Samueli pleads guilty in stock options fraud case | newspaper=Los Angeles Times | year=2008 | date=June 24, 2008 | url= http://www.latimes.com/business/la-fi-samueli24-2008jun24,0,3244548.story]

Prosecutors focused on the fact that Samueli denied under oath any role in making options grants to high-ranking executives. As part of his plea agreement, Samueli admitted the statement was false, and admitting to being part of the options-granting process while not acknowledging that the options awards were flawed.

On September 8, 2008, U.S. District Court Judge Cormac Carney rejected a plea deal that called for Samueli to receive probation, writing: "The court cannot accept a plea agreement that gives the impression that justice is for sale". [ [http://sports.yahoo.com/nhl/news;_ylt=Alk7qouDJqZDsKZboRfZSQN7vLYF?slug=ap-samueli-plea&prov=ap&type=lgns Judge rejects plea deal for Broadcom’s Samueli] Associated Press 8 September 2008 ]

ee also

*Henry Samueli School of Engineering and Applied Science
*Anaheim Ducks
*Honda Center

References

External links

* [http://www.ee.ucla.edu/faculty-samueli.htm Samueli's biography] at the UCLA Department of Electrical Engineering
* [http://www.samueli.org The Samueli Foundation]
* [http://www.anaheimducks.com/press/release/topstory.php?dir=200604&id=1637 Henry and Susan Samueli honored]