Wednesday, August 8, 2007

Brocade's Reyes Guilty

Greg Reyes, the former CEO of high-flying storage area networking equipment maker Brocade Communications, has been found guilty of all counts in a closely watched trial over stock options backdating. Reyes was indicted last August over alleged stock options backdating at Brocade, along with former VP of Human Resources Stephanie Jensen. Reyes now faces up to 20 years in prison and $5M in fines. Brocade is one of a large number of Silicon Valley companies hit by stock options backdating issues.