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Breaking news: Broadcom's Henry Nicholas indicted

June 5, 2008 | 11:06 am
Broadcom founder Henry Nicholas was indicted on federal fraud charges

How's this for a blockbuster: Henry T. Nicholas III, co-founder of Irvine-based Broadcom, surrendered to authorities this morning after a federal grand jury indicted him on fraud and conspiracy charges. He and former Broadcom Chief Financial Officer William Ruehle were named in an alleged scheme to manipulate stock options.

Nicholas also was indicted on two federal drug violations. The indictment said Nicholas violated prescription drug laws and maintained a residence where drugs were used.

Scott Reckard and Kim Christensen will update the story throughout the day as they get more details.

-- Chris Gaither

Photo by Richard Hartog / Los Angeles Times