No New Trial for Former Chief of Brocade
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A federal judge ruled that Gregory L. Reyes, convicted in August of stock-options manipulation, is not entitled to a new trial.
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The trial of a CIA contractor accused of beating an Afghan detainee went behind closed doors Monday as prosecutors tried to prevent defense attorneys from calling CIA employees as witnesses.
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(InfoWorld) - Brocade Communications Systems has agreed to pay a $7 million penalty to settle charges of stock-option backdating fraud. The payment will settle a civil action brought by the U.S. Securities and Exchange Commission and comes with a permanent injunction against the storage networking company not to break various accounting laws. The SEC's action, announced Thursday, signals that the agency will take strong action against companies accused of backdating fraud. Scores of high-tech companies have either come under federal investigation or started their own probes related to the practice. Former Brocade executives granted tens of millions of stock options to employees and falsified the dates of those grants so that they could hide the cost of the options from shareholders, the SEC charged. Brocade did not admit to or deny the charges. The settlement concludes the SEC action, and Brocade said it does not expect the Department of Justice to take any action against it. "Falsifying compensation expenses is no less misleading to investors than falsifying revenue," said Linda Chatman Thomsen, director of the SEC's enforcement division, in a statement. Brocade's former chairman, president and CEO, Gregory Reyes, as well as former human resources chief Stephanie Jensen and former Chief Financial Officer Antonio Canova, were charged last July with fraud and other securities law violations. "The SEC will use all the weapons in our arsenal, including significant corporate penalties, to protect investors and combat fraudulent stock option backdating," SEC chairman Christopher Cox said in a statement. Backdating is legal and was a common practice in the fevered high-tech job market of the late 1990s as vendors competed for talent with attractive financial packages. But some of the biggest names in IT, including Apple, Broadcom, and McAfee, have been hit by concerns over how they carried it out.ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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The prosecution in Russiaâs trial of former Yukos leader Mikhail Khodorkovsky adjourned proceedings on Tuesday until Nov. 9, Reuters reported citing court sources.
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Former Brocade Communications Systems CEO Gregory Reyes has been sentenced to 21 months in prison and a US$15 million fine for fraud related to backdating of the storage networking company's stock options.
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FAIRFAX, Va. - A judge dismissed an indictment Friday against convicted sniper John Allen Muhammad, ruling that the state waited too long to try him for capital murder in the death of an FBI analyst who was shot in a store parking lot...
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The jury in the trial of four men over the death of Pc Sharon Beshenivsky is discharged after failing to reach a verdict on a final count of robbery.
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Prosecutors dropped a criminal   securities fraud charge against former New York Stock Exchange   specialist Kevin Fee, who had been slated to go on trial   October 3, court documents showed.
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The former chief of Brocade Communications was sentenced to 21 months in prison for scheming to tamper with the financial records of the companyâs stock options.
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MONTREAL (CP) - The May 2 trial date for the former head of the federal sponsorship program is too close to a potentially damaging inquiry and may undermine his trial, his lawyer said Monday.
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The investigation that shook cycling ended without indictments Monday when the judge said he could not charge anyone because Spain's new doping law was not in place when the case broke last May.
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SAN FRANCISCO, June 18 -- Gregory L. Reyes, the former chief executive of Brocade Communications Systems, either masterminded a stock-option backdating scheme designed to defraud investors or fell victim to murky accounting laws and heightened public scrutiny of corporate accounting errors, lawyers...
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A federal judge Tuesday delayed the trial of former WorldCom chief executive Bernard Ebbers until January, granting his lawyers more time to prepare their defense.
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Three years after September 11, 2001, there is still no trial date for Zacarias Moussaoui, the only person charged in the United States in connection to the terrorist attacks, but a federal appeals court Monday removed one of the
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NEW YORK -- A federal judge Tuesday delayed the trial of former WorldCom chief Bernard Ebbers until Jan. 17. The trial had been set to start Nov. 9. US District Court Judge Barbara Jones also denied Ebbers
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The judge at the trial of two former  executives at Enron Corp. Broadband Internet denied a request  on Tuesday to question jurors about whether they had seen news  reports about the convictions of former Enron CEOs Ken Lay and  Jeffrey Skilling.
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Overworked PR team in critical condition Brocade is ending a big week overflowing with product announcements, stomps on is partners' toes and a healthy federal pay-off with something very small:â¦