Brocade ex-CEO sentenced to 21 months in options case
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Brocade Communications Systems  Inc's  former CEO 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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A former executive of the biotechnology company MedImmune faces from 15 to 21 months in prison after pleading guilty Friday to security fraud and perjury in US District Court in Washington.
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The first company chief executive to be convicted for tampering with stock-option awards was sentenced yesterday to 21 months in prison, one of a handful of corporate officials to face punishment for the once-widespread practice.
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TechWeb - Ryan Brant, the former chief executive of video game publisher Take-Two Interactive Software, pleaded guilty Wednesday to criminal charges related to backdating of stock options.
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TOPEKA, Kan., Feb. 5  â A federal judge on Monday sentenced the former chief executive of Westar Energy, David C. Wittig, to 24 months in prison for bank fraud, cutting his sentence by more than half.
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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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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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The former chief executive of Brocade Communications Systems Inc. vouched for his co-defendant in a closely watched stock options backdating case, asserting in documents unsealed Wednesday that she didn't know she was executing improper transactions.
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Tom Coughlin, the former  Wal-Mart Stores Inc.  vice chairman who admitted to  stealing thousands of dollars from the company, was sentenced  on Friday to 27 months of home confinement.
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The former top lawyer of McAfee Inc. was charged with stock options tampering that muddied the finances of the computer security software maker.
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(InfoWorld) - Law-enforcement officials in Namibia have arrested the former chief executive of Comverse Technology Inc., a fugitive after being charged in August with backdating millions of the company's stock options, the U.S. Department of Justice (DOJ) announced Wednesday. Jacob "Kobi" Alexander was arrested Wednesday on a Namibian warrant issued at the request of the U.S. government. He was one of three former executives at the software vendor charged with conspiracy to commit securities fraud, mail fraud and wire fraud in August in U.S. District Court for the Eastern District of New York. The three, including former Chief Financial Officer David Kreinberg and former General Counsel William F. Sorin, were accused of operating a secret stock options slush fund, with issuing false and misleading financial statements, and with reaping millions of dollars in profits through a scheme to backdate stock options between 1998 and 2002, the DOJ said. The DOJ will seek Alexander's extradition to the U.S. to face multiple charges, many of which were made public Wednesday: conspiracy, two counts of securities fraud, eight counts of making false filings with the Securities and Exchange Commission, four counts of mail fraud, 14 counts of wire fraud, and three counts of money laundering. The indictment also seeks force Alexander to forfeit about US$138 million in assets, the DOJ said. Alexander is scheduled to appear before a court in Windhoek, Namibia, within 48 hours. The effort to find Alexander was an "international manhunt," U.S. Attorney Roslynn Mauskopf of the Eastern District of New York said in a statement. If convicted of the most serious charge, securities fraud, Alexander faces a possible sentence of 25 years in prison. The former Comverse executives were the second group to be charged in connection with options backdating. The U.S. Securities and Exchange Commission has been investigating several tech companies for irregularities in connection with granting employees stock options, a common practice in the IT industry in the late '90s. In July, two former executives with storage networking vendor Brocade Communications Systems Inc. were charged with securities fraud.
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A Massachusetts businessman accused of bilking the company out of millions of dollars worth of networking gear faces 20 years in prison and a $250,000 fine. By the Associated Press.
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The former chief financial officer of defunct hedge fund Bayou Group was sentenced to 20 years in prison on Tuesday for his role in a scheme that defrauded investors of $450 million and led to the fund's collapse.
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A Chicago medical van driver accused by federal prosecutors of funneling money to Mideast terrorists was sentenced Wednesday to 21 months in federal prison for lying in a civil lawsuit.
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Former investment banker Frank  Quattrone was sentenced on Wednesday to 18 months in prison,  two months more than the harshest recommended penalty, for  obstructing probes into suspected kickbacks involving some of  the hottest stock offerings of the 1990s.
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Brocade Communications Systems Inc's  former chief executive Gregory Reyes was fined $15 million on Wednesday for backdating stock option grants.
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SAN FRANCISCO -- McAfee's former top lawyer was charged Tuesday with stock options tampering that muddied the finances of the computer security software maker.