The US Securities Commission is not letting Apple get off the hook over the spin it put on Steve Jobs' illness. Apple told its tame press that Steve was suffering from a hormone imbalance when he was actually needing a liver transplant.

According to CNET, the SEC continues to be very interested in how the health of Apple CEO Steve Jobs went from "hormonal imbalance" to a six-month medical leave in a matter of nine days back in January. The watchdog is fuming at the way Apple handled the disclosures surrounding the health of Jobs in late January and the federal inquiry is ongoing.

What has got SEC's goad is that whether or not the Apple board knew the seriousness of Jobs' health problems yet made misleading statements to stockholders and the public. It is concerned that while Jobs was off sick if any board members, two of whom were getting regular updates on Jobs' health status from his doctors, make misleading statements to investors.

Even today Apple has denied that Steve even had a liver transplant.  So as far as shareholders were concerned, Steve was just a bit under the weather. The hospital in Tennessee where he had the operation was the one who officially confirmed it happened and so far no one has explained why he needed it.

While there are no rules which says a public company must disclose the health problems of its chief executives, Apple crossed a line when it said everything was OK, SEC officials say. 

Once you say someone is healthy and they are not, you could be accused of lying to shareholders. So far it all depends on how much board members knew about Jobs' illness and when.