Brocade's Reyes gets 21 months in backdating case
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Former Brocade Communications Systems CEO Gregory Reyes has been sentenced to 21 months in prison and a $15 million fine for fraud related to backdating of the storage networking company&#39;s stock options.
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(InfoWorld) - Monster Worldwide's former general counsel pleaded guilty in a Manhattan courtroom Thursday, another executive caught up in the stock options backdating scandal. Myron Olesnyckyj faced charges of securities fraud and conspiracy in connection with the backdating of millions of dollars' worth of employee stock option grants at the online recruitment services company. Olesnyckyj appeared before U.S. District Judge Laura Taylor Swain. According to a statement from the U.S. Attorney's office in New York, Olesnyckyj "conspired with other former senior executives at Monster to systematically backdate stock option grants to Monster employees in an effort to fraudulently suppress Monster's compensation expenses and falsely inflate its earnings and share price. As a result, Monster's public filings with the Securities and Exchange Commission between 1997 and 2005 fraudulently understated the company's compensation expenses and inflated its earnings by over 300 million dollars." The names of Olesnyckyj's alleged co-conspirators were not immediately disclosed.
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Gregory L. Reyes, the former chief executive of Brocade Communications, is accused of misleading investors by backdating stock option grants, among other things.
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A former Brocade Communications Systems Inc. executive who was convicted in a landmark stock options case won't get a new trial, despite a key prosecution witness recanting parts of her testimony, a judge ruled Wednesday.
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Storage fraudster must face the music A federal judge has denied a bid by Greg Reyes, the former CEO of storage switch maker Brocade, to launch an appeal against his conviction for stock options fiddling.â¦
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William Lerach, a former partner at a prestigious New York law firm, was sentenced Monday to two years in federal prison for his role in a lucrative kickback scheme involving class-action lawsuits against some of the nation's biggest corporations. Mr. Lerach, 61, was also sentenced to two years probation, fined $250,000 and ordered to complete 1,000 [...].
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Raymond James Financial Inc., a brokerage with 2,200 offices that&#39;s based in St. Petersburg, Fla., and the company&#39;s former president were sued by the Securities and Exchange
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Brocade Communications Systemsâ former chief executive  received a 21-month prison sentence for designing a plan to tamper with the firmâs records of stock option grants.
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(InfoWorld) - A group of state plaintiffs in the U.S. Microsoft antitrust case will ask for a five-year extension of a large portion of the 2002 judgment against the company, the group's lawyer said Tuesday. California, Connecticut, Iowa, Kansas, Minnesota, Massachusetts, and the District of Columbia -- known as the "California group" -- want an extension of most of the middleware portions of the judgment, said Stephen Houck, a lawyer for the group. Microsoft still retains a huge lead in the operating system and Web browser markets, he said. "Microsoft continues to have a stranglehold over the two products ... that nearly all consumers use," Houck said during an antitrust compliance hearing in U.S. District Court for the District of Columbia. "Very little has happened in five years ... in those markets." The California group of states -- the larger of two groups of states that sued Microsoft for antitrust violations -- will ask for an extension of all the middleware portions of the antitrust judgement, except for a section that governs the royalties Microsoft can charge PC manufacturers for the Windows operating system. Most of the antitrust judgment was scheduled to expire in November. Microsoft lawyer Rick Rule said the company would need time to respond to Houck's proposal. Microsoft first heard of the plan to ask for an extension on Friday, he said, and the California group plans to file a formal extension request with the court in mid-October. Rule seemed to suggest Microsoft would fight the five-year extension. U.S. District Court Judge Colleen Kollar-Kotelly declined to impose a 10-year judgment in 2002, he said. "We think the picture of the computer industry is much rosier," Rule added. "We think it's clear that the decree has done its job." Microsoft spokesman Jack Evans said the company will respond in more detail after it has seen the extension request. "We're a bit surprised that a few states are now requestingÂ an extension of the consent decree because they indicated just last month that they're not too fond of it," Evans said. In August 2006, Microsoft already agreed to an extension of the section of the judgment requiring it to make its communications protocols available to other software vendors. Microsoft's efforts to fix technical documentation for the protocols have run into several delays. Houck on Tuesday asked Kollar-Kotelly to extend the communications protocol section of the judgment until 2012. The California group does not "have any confidence" Microsoft will continue to improve the communications protocol program without oversight, Houck said. An independent auditor's report just issued questions whether Microsoft has released all the protocols mandated in the judgment, he added. The California group's extension proposal comes afterÂ the U.S. Department of Justice and the New York group of states filed briefs last month saying the antitrust judgment has done its job. "There have been a number of developments in the competitive landscape ... that suggest that the Final Judgments are accomplishing their stated goal of fostering competitive conditions among middleware products, unimpeded by anticompetitive exclusionary obstacles erected by Microsoft," said the report from the DOJ and New York group, which includes five states. But Houck disputed that assessment on Tuesday. At the time of the judgment, a handful of PC vendors were preinstalling a competing Web browser on PCs, he said. Today, no major ones are, he said. In addition, the communications protocol program was supposed to be finished early in the judgment's life, and its delays have kept software vendors from fully using the program, Houck said. "The whole thing ... doesn't have an opportunity to work as the court intended," he said. "It's very clear that the product markets at issue in this case have not moved rapidly at all." Kollar-Kotelly said she would delay final reports on the judgment while she considers the California group's request. Microsoft and the plaintiffs were scheduled to meet with her Nov. 6 to discuss the final reports, but she will now consider the extension request on that date. Before Houck made his request, the judge said she was opposed to extending the judgment without a good reason. It was hard to predict the impact the judgment would have, she added. "The final chapter of the final judgment has not been written," Kollar-Kotelly said. The California group wants Kollar-Kotelly to extend all of section 3 of the judgment except for section 3B, dealing with manufacturer royalties. The extended provision would include: *Â A prohibition against Microsoft retaliating against PC vendors for including competing software on PCs; *Â A prohibition against Microsoft restricting PC vendors from putting competing middleware in the start menu or making them defaults; *Â A requirement that Microsoft give APIs for its middleware to PC vendors and independent software vendors.
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THE REGION A Georgia man was sentenced to three years of probation, fined $5,000, and ordered to perform 150 hours of community service for his involvement in a scheme to steal more than $4 million from Building 19, a discount retail chain based in Hingham. Michael Brown, 63, pleaded guilty to six counts of larceny and three counts of conspiracy ...
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A U.S. federal judge on Monday sentenced the former CEO of Enron Corp.'s broadband division to 27 months for securities fraud in the company's 2001 collapse.
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JosÃ© Reyes has experienced a ragged past two months complete with struggles at the plate, base-running blunders and a potential gap in maturity.
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Brocade Communications Systems Inc's  former chief was sentenced on Wednesday to 21 months in prison for backdating stock-option grants in a scandal that has ensnared scores of U.S. companies and led to billions of dollars of restatements.
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Judgment calls for company accused of sending unsolicited messages to Verizon customers to pay more than $200,000 in damages.
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(InfoWorld) - A Utah man who brought down the wireless Internet services offered by a former employer has been sentenced to two years in prison, the U.S. Department of Justice (DOJ) announced Thursday. Ryan Fisher, 24, of Vernal, Utah, caused 170 customers of SBT Internet and another carrier to lose their wireless Internet connections for up to three weeks, the DOJ said. One customer was relying on e-mail for news of an organ donor, the DOJ said. Judge Paul G. Cassell of the U.S. District Court for Utah also sentenced Fisher to three years of probation on the charge of intentionally damaging a protected computer. Fisher, a former employee of SBT, must also pay $65,000 in restitution, the DOJ said. Fisher was charged on Feb. 16. SBT provides wireless Internet service to residential and business customers around Vernal. Fisher left SBT over business and financial disputes and went on to work for, and eventually own, another Internet service provider in the area. Fisher then used SBTâs computer passwords to take control of SBTâs network and reprogram its customersâ wireless access points to cut off their Internet service, the DOJ said. The U.S. Federal Bureau of Investigation investigated the crime.
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Former Samsung Semiconductor Inc executive Thomas Quinn has pleaded guilty to price fixing, and expects to serve eight months in prison, the US Department of Justice said.
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Martin Frankel,  who defrauded insurance companies out of more than $200m is jailed for 16 years