Marvell to pay $10 mln to settle SEC charges

WASHINGTON, May 8 (Reuters) - Marvell Technology Group Ltd (MRVL.O: Quote, Profile, Research) will pay $10 million to settle U.S. Securities and Exchange Commission charges that it reported false financial information by improperly backdating stock option grants, the SEC said on Thursday.

Marvell, which did not admit or deny the allegations, will pay $10 million, the SEC said in a statement.

The SEC also said Marvell's former chief operating officer, Weili Dai, will pay $500,000 to settle backdating charges. Dai did not admit or deny the allegations. (Reporting by Rachelle Younglai; editing by Jeffrey Benkoe)