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Ann Mather, formerly the CFO at Pixar, will face charges from the Securities & Exchange Commission related to their investigation of stock option backdating at the animation company.

When Google announced it had additional proxy materials to file with the SEC, the bland disclosure didn't hint at the little bombshell contained within. Google board member Mather, who joined the search advertising company's board in November 2005, faces serious trouble from the Feds:

From 1999 to 2004, Ann was Executive Vice President and Chief Financial Officer of Pixar, a computer animation studio. Prior to her service at Pixar, she was Executive Vice President and Chief Financial Officer at Village Roadshow Pictures.

On April 23, 2008, Ann was advised by the staff of the Los Angeles office of the Securities and Exchange Commission (SEC) that it intends to recommend that the SEC initiate a civil proceeding against her, alleging violation of federal securities laws related to certain stock option transactions involving her former employer, Pixar Animation Studios. The staff’s recommendation arises out of Ann’s prior employment as Chief Financial Officer of Pixar, and not her service as a director of Google.

Silicon Alley Insider cited Mather's lawyer, who claimed the SEC doesn't have a case against her. "Ms. Mather acted diligently and responsibly at all times in her position as CFO at Pixar. There is no basis for any legal action against her," said Timothy J. Coleman of Dewey & LeBoeuf.