Some Apple Watchers are asking if Steve Jobs is heading for jail amid allegations that the company falsified stock-option documents.

The Financial Times is reporting that Apple CEO Steve Jobs was handed 7.5 million stock options in 2001 without the required authorization from the company’s board of directors. News of the irregularities, which is expected to be revealed in a regulatory filing by Apple before the end of this week, will add to pressure that has been growing on one of Silicon Valley’s most highly-regarded companies since the middle of 2005, The Financial Times reports.

Sounds serious. But here’s the really wild part: Apple’s stock is only down fractionally amid this alleged stock option scandal. So far, Wall Street is betting that Apple is either innocent or above the law.