Stock options backdating issue
21-Oct-2019 16:35
Gregory Reyes (born September 1, 1962) is an American businessman who most recently served as the chief executive officer (CEO) for Brocade Communications.He is the first person to have been convicted for fraudulent backdating of corporate stock options.
In the trial, Reyes stated that he had no intent to deceive anyone, and that his decisions relied largely in good faith on the accuracy of documentation provided by Brocade's finance department, which incorrectly accounted for stock options in Brocade's financial statements that he signed in good faith and with the belief that they had been properly accounted for.
Reyes's attorney stated that Reyes will likely file another appeal.
On June 24, 2010, Reyes was sentenced to 18 months' incarceration and a million fine.
Reyes began working full-time position at Convergent while taking evening classes in order to complete his degree.
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After obtaining his degree, Reyes became an OEM sales representative for Convergent, then left to become Vice President of Sales and Support at Banyan Systems, a networking and data communications software firm.The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly.
