WASHINGTON — Stock options that Senator Allen described as worthless were worth as much as $1.1 million at one point, according to a review of Senate disclosure forms and U.S. Securities and Exchange Commission filings.

The records appear to contradict remarks that he made to the Associated Press. “I got paid in stock options which were worthless,” AP quoted him as saying. Mr. Allen served as a board member of Chantilly, Va.-based Xybernaut Corp. between 1998 and December 2000 and was awarded options on 110,000 shares during that period. His Senate financial disclosure form for 1999, required for candidates as well as officeholders, doesn’t report that he owned the options.

The stock options issue didn’t arise during a televised debate last night between Mr. Allen, a 54-year-old Republican, and Democratic nominee Jim Webb, 60. Nevertheless, a professor of public policy at George Mason University in Arlington, Va., Mark Rozell, said the issue poses a problem for Mr. Allen, who polls show is in a close race with Mr. Webb.

“In an election season in which congressional ethics and morality are at the top of public discussion, Allen may now be seen by much of the public as part of a larger problem afflicting his party,” Mr. Rozell said.

Mr. Allen left Xybernaut at the end of 2000 after he was elected to the Senate. The company makes portable computers that can be strapped to the body for military or civilian uses.

SEC records showed that Mr. Allen owned 60,000 options at the end of 1999, worth $38,200. For 2000 and 2001, he filed amendments to his annual disclosures stating that he owned Xybernaut options. In March 2000, Mr. Allen held 60,000 options when Xybernaut shares closed at an all-time high of $23.75. That would have made the options worth $1.1 million, less commissions and fees, had Mr. Allen exercised them.

At that time, Mr. Allen could have paid $5.47 and $1.56 respectively for two groups of options, sold them, and pocketed the difference. He was awarded another 50,000 options in October 2000.

An attorney at Patton Boggs LLP in Washington who represents Mr. Allen, Greg Walden, said the options with Xybernaut expired 90 days after Mr. Allen left the board in December 2000.

Mr. Walden said Mr. Allen never exercised the options. They became worthless as the share price fell. The company went bankrupt in 2005.

A filing by Mr. Allen, which Xybernaut forwarded to the SEC in February 2001, shows that he had the right to exercise all the options at the end of 2000. The options were to begin to expire in 2008. Mr. Allen also reported owning the options on his 2002 and 2003 Senate financial disclosures, long after Mr. Walden said they had expired.

The chief executive of Xybernaut, Perry Nolen, referred reporters to Mr. Allen’s Senate office. “I’ve helped them by providing information to them. So it should be accurate,” Mr. Nolen said.

The company, which now has a market capitalization of less than $1 million, raised $173 million from investors since first going public 10 years ago. It never had a profitable quarter.

By the end of 2000, Xybernaut’s share price had plummeted to $1.69, and Mr. Allen’s options were worth just $1,300.

In 2001, Mr. Allen’s first year in the U.S. Senate, the company’s share price recovered to $5.46 on May 25, which would have valued 110,000 options at $71,500 before commissions and other brokerage fees. Some of the options exceeded their strike price as recently as July 2004.

Mr. Allen wrote a letter to the U.S. Army on Xybernaut’s behalf in December 2001, AP reported, citing Mr. Allen’s spokesman, John Reid, who told AP he wouldn’t disclose the contents of the letter. In September 2003, the U.S. Defense Department announced $2.13 million in contracts to buy the company’s wearable computers.