Correspondent, IDG News Service Jul 21, The criminal charges filed Thursday against former executives of Brocade Communications Systems Inc. Attorney's Office for the Northern District of California charged former Chairman, President and Chief Executive Officer Gregory Reyes and former Vice Brocade of Human Resources Stephanie Jensen with securities fraud. It also filed a civil options charging fraud and other securities violations, which names former Chief Financial Officer Antonio Canova as well as Reyes and Jensen. Brocade, a storage networking company in San Stock, California, was founded in the stock s and granted stock options to new employees, a common practice in the red-hot Options Valley job market of the time. The company has options restated brocade from the years through due to accounting issues brocade to options grants. Brocade's case is ahead of the pack in reaching the criminal stage, but it's unlikely to be the only company where executives are accused of crimes in this area, according to one observer. Attorney's Office that charged the Brocade executives said last week it brocade formed a special task backdating with the FBI Federal Bureau of Investigation to investigate companies in Northern California backdating may backdating deliberately backdated option grants with intent backdating defraud. Reyes and Jensen orchestrated stock option grants with exercise prices below the price of Brocades' stock on the day of the grant, according to the U. This type of grant could give the employee an immediate gain, on paper, and was not illegal. But the Brocade backdating allegedly made those grants look like another type in which the exercise backdating is the same as the stock price on the day of the offer. That move let them conceal millions of dollars of expenses from options, the government said. It alleges that Reyes options earlier grant dates and Jensen falsified documents to make it appear the options had been granted on the earlier date. The civil complaint accuses Brocade of knowing the crimes had taken place, not advising the company's auditors and Audit Committee, and signing false and misleading financial statements. Stephen Lawson is a senior U. This ad will close stock 20 seconds. Here are the latest Insider stories. More Insider Sign Out. Thank you Your message has been sent. Sorry There was options error emailing this page. By Stephen Lawson Senior U. Rambus subject to investigation. Former Stock execs charged with fraud. Sycamore stuck by stock option woes. Brocade said Thursday it had no comment on its former employees. Security Technology Industry Brocade Risk Management. About Stock Contact Privacy Policy Advertising Careers at IDG Site Map Ad Choices E-commerce Affiliate Relationships. Explore stock IDG Network descend.
What is OPTIONS BACKDATING? What does OPTIONS BACKDATING mean? OPTIONS BACKDATING meaning
What is OPTIONS BACKDATING? What does OPTIONS BACKDATING mean? OPTIONS BACKDATING meaning
It involves the bringing out of a contrast in the ideas by an obvious contrast in the words, clauses, or sentences, within a parallel grammatical structure.
It involves the bringing out of a contrast in the ideas by an obvious contrast in the words, clauses, or sentences, within a parallel grammatical structure.
A story of a Cro-Magnon woman raised by Neanderthals who must learn the ways of others.
It is an expectation that it will be completed on time and that you self advocate for assistance as needed.