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.Reyes was convicted last August&#160;in the most prominent of many criminal and civil cases in the past two years related to backdating by high-tech companies. Apple, McAfee, Rambus, and scores of other vendors have faced either internal or external probes. Reyes&#39; conviction was the first by the U.S. Department of Justice in a backdating case. Reyes was found guilty on 10 charges including securities fraud, conspiracy and falsifying financial records. He could have faced as much as 20 years in prison.The sentencing order on Wednesday from Judge Charles Breyer of the U.S. District Court for the Northern District of California has been stayed pending an expected appeal, which has not yet been filed, according to the court.Backdating, which involves changing the date that stock options grants were made to certain employees so they can later get a bigger profit, is not illegal but has to be accounted for properly. Many high-tech companies used the practice during the Internet boom early in this decade to attract prized employees.In the wake of Brocade&#39;s backdating problems, the company restated its results from 1999 to 2004. The scandal also led to charges against Stephanie Jensen, former vice president of human resources, and Michael Byrd, the company&#39;s former CFO and COO.
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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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By Daily Record Staff  A Belton man was sentenced in federal court Tuesday to eight years and one month in federal prison without parole for receiving child pornography over the Internet.  Jeffery A. Ray, 41, was sentenced by U.S. District Judge Gary A.
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Gregory L. Reyes, the former C.E.O. of Brocade Communications Systems, faces charges of fraud related to stock options backdating.
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NEW YORK, Feb. 15 -- A former senior vice president of the company that runs the Monster job-search Web site admitted in court Thursday that he illegally backdated millions of dollars in employee stock option grants.
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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 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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Martin Frankel,  who defrauded insurance companies out of more than $200m is sentenced to more than 16 years in jail.
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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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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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Fired Arizona Diamondbacks manager Wally Backman was sentenced to 10 days in jail Friday for violating his probation three years ago.
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A Spaniard was sentenced Tuesday to 18 months in prison for stealing the equivalent of a dollar from a pay phone 13 years ago.
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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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TORONTO - The hearing into insider trading allegations leveled against the chairman of ATI Technologies has been pushed back until March 29.
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Brocade Communications Systems has agreed to pay a $7 million penalty to settle charges of stock-option backdating fraud.
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Stock options test trial is go Former Brocade CEO Greg Reyes and his former human resources VP Stephanie Jensen pleaded not guilty to mail and securities fraud charges in San Francisco federal court yesterday.â¦
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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.