Wednesday, August 8, 2007

Former Brocade CEO Found Guilty on All Counts

Gregory Reyes, the former CEO of Brocade Communications, was convicted Tuesday on 10 felony counts relating to the backdating of stock options. Reyes was the first of a string of executives to be indicted on charges of misdating stock options. Most of those accusations involved backdated options granted to themselves, or frauds that stretch beyond changing dates. But Reyes' indictment accused him only of altering dates, and not of profiting directly from the scheme. His potential sentence is 20 years.
Post a Comment