Former Brocade Communications Systems CEO Gregory Reyes Jr. was sentenced to 21 months in prison and fined $15 million for his part in a stock-option backdating scheme. Reyes was the first executive tried and sentenced in a stock backdating scandal that has touched about 200 companies. “This offense is about honesty,” said federal Judge Charles Breyer in San Francisco as he handed down the sentence. (AP in The New York Times)
The Bottom Line
January 17, 2008
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