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

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor