Recruitment boss guilty of fraud

The firm is one of the world's largest recruitment companies

The ex-boss of recruitment firm Monster Worldwide faces up to 25 years in jail after being found guilty of fraud in a stock option backdating scheme.

James Treacy's actions caused the recruitment giant to under-report the share bonuses given to senior staff by $339m (£222m) between 1997 and 2005.

Backdating stock options can allow staff to make a more profit by changing the dates when options were granted.

It only becomes illegal if not properly reported in a company's accounts.

'Unfortunate chapter'

As a result of Treacy's actions, Monster's earning for the years in question were falsely inflated.

A jury in New York found Treacy, 51, guilty of conspiracy to commit securities fraud, filing false reports to US financial watchdog the Securities and Exchange Commission, making false statements to auditors, and falsifying books and records.

He is now due to be sentenced on 25 August.

"This verdict brings us closer to the end of an unfortunate chapter in the company's history and closer to putting the issue firmly behind us," Monster Worldwide said in a statement.