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Brocade’s former human resource manager, Stephanie Jensen, was convicted of helping Reyes backdate options and was sentenced to two months in prison. Reyes was ousted from San Jose, California-based Brocade in 2005. Read this article on the Terminal Request a demo to learn more If you believe that you may have received this message in error please let us know.He agreed to pay .5 million in October to settle a company lawsuit over backdating. Gregory Reyes was the Chief Executive Officer ("CEO"), and Stephanie Jensen was the Vice-President of the Human Resources Department, of Brocade Communication Systems, Inc. The company is publically traded and engaged in the high-tech business of developing and selling network equipment and providing networking solutions. § 240.13b2-1; and making false comments to auditors in violation of 15 U. Other, higher-up Finance Department employees, however, had given statements to the FBI describing their knowledge of the backdating scheme. The district court declined to hold she was within the "No Knowledge Clause," and sentenced her to a term of imprisonment of four months.
The convictions represent the first criminal convictions for a backdating practice that was widespread in the late 1990s, particularly in the Silicon Valley, where the appellants' company was located. Reyes also argued that he relied in good faith on the accuracy of the Finance Department's documentation when he signed off on false financial statements.Greg Reyes, former chief executive officer at Brocade Communications Systems Inc., was sentenced to 18 months in prison for backdating employee stock-option grants and hiding the practice from company auditors and shareholders.Reyes, 47, was found guilty of securities fraud and other charges in March at his second trial stemming from stock-options manipulation at Brocade, the biggest maker of switches for data- storage networks.“I would trust him with everything in my life, from my family to the shirt off my back.” In a courtroom that included Reyes’s family and more than two dozen supporters, Reyes broke down in tears standing before the judge, too overcome to read his prepared statement.Instead, Neal read Reyes’s statement, saying in part, “I am a shell of the man I once was. “That is why you find yourself in this position today.” Stock options allow holders to buy shares at a later date, usually at the trading price on the day they were granted.