Former Apple CFO Fred Anderson will pay $3.5 million in fines and penalties to settle a charge of backdating brought by the Securities and Exchange Commission, the Associated Press reported today.

Apple, which we blogged about yesterday, has also seen its former general counsel Nancy Heinen charged with backdating. That case will go forward, with Heinen’s lawyers vowing to fight the charge.

The SEC filed the civil charges Tuesday, accusing Heinen of taking part in fraudulent record keeping that saw two large options grants underreported by nearly $40 million. The SEC said that Anderson should have noticed Heinen’s backdating of the grants and failed to ensure that Apple’s financial statements were correct.

Despite the breaking story, Apple’s stock was up 57 cents to $94.08 in afternoon trading.