US regulators have reached a deal with one of the executives involved in Apple's stock options accounting scandal, but seems set to launch civil action against another.

A Wall Street Journal report claims Apple's former chief financial officer, Fred Anderson, has agreed to pay over $3.5 million to the Securities and Exchange Commission (SEC) in settlement for his part in the situation.

Anderson will pay a $150,000 fine and repay option gains of about $3.5 million, reports claim. He won't be forced to admit to wrongdoing and won't be barred from serving as a corporate officer or member of the board of a public firm.

Apple has confessed that it improperly dated stock options for six years beginning in 1997, saying there were 6,428 cases of backdating. Anderson resigned as a member of Apple's board shortly after the problem was first revealed by the company last year.

The SEC is reportedly still pursuing action against Apple's former general counsel, Nancy Heinen.

While her legal team argues her innocence, the issue is Heinen's signature on minutes retrospectively faked in support of a major stock options grant to Apple boss, Steve Jobs in 2001.

Heinen's lawyer, Cristina Arguedas, argues: "The timing of every grant she had anything to do with was authourized by the entire board."

Apple's own investigation claims that while Jobs had knowledge of the options grants, he didn't understand the financial implications and drew no profit from the grants given.