White-Collar Crime
Ex-Brocade CEO Gets 21-Month Sentence for Options Backdating
A federal judge has sentenced the ex-CEO of Brocade Communications to 21 months in prison for backdating stock options.
Gregory Reyes cried before receiving the sentence, the Associated Press reports. U.S. District Judge Charles Breyer also ordered Reyes to pay a $15 million fine, the Wall Street Journal reports (sub. req.)
Earlier this month, Breyer refused Reyes’ request for a new trial, according to the San Jose Mercury News (reg. req.). Reyes’ new trial motion said one of the government’s key witnesses had recanted her testimony,
Reyes was the first executive to be tried for stock options backdating. He was convicted of securities fraud in August.
