BusinessCompany NewsFirst guilty verdict in US options backdating case

First guilty verdict in US options backdating case

Guilty decision could see more than 170 other backdating cases also brought to court by the SEC

The first guilty verdict in a case relating to backdating was handed down by
a jury in a San Francisco court this week.

The conviction of the former chief executive of Brocade Communications
Systems on all ten counts in the government’s first criminal prosecution for
options backdating could herald the start of a new wave of convictions. Some 170
others have been charged and are being investigated by the US securities
regulator on similar counts.

Gregory Reyes, 44, who was brought to court through a joint FBI and SEC
investigation, faces decades in prison and millions in fines,
LawFuel.com reported.

The jury found him guilty of conspiracy to commit securities fraud, mail
fraud and falsifying books, records and accounts.

Further reading:

Semi-conductor CFO fined by SEC over stock options

Guilty
Verdicts For Former Brocade Communications Systems CEO For Securities Fraud
& Backdating Option Grants

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