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“It was a clever swindle by a clever executive who never, ever thought he would get caught.” Defense attorneys, however, urged the judge to consider hundreds of letters submitted by friends and acquaintances who described Reyes, in Neal’s words, as “a man of compassion, generosity, humility.” Several letters described Reyes sitting with sick friends and helping others get through business or personal crises.
Others described his financial donations to schools and community groups.
Neal also argued that a prison term would be a burden on Reyes’ wife and two children, citing reports from psychologists that the judge sealed on the grounds they contained “confidential medical information.” Breyer said that wasn’t enough to keep Reyes out of prison, but the judge also agreed that Reyes’ family had suffered in the two years since his first conviction, in 2007.
Though he did not elaborate, Breyer seemed to indicate that was why he trimmed three months from the 21-month sentence that he pronounced after the earlier trial.
He later denied that backdating occurred when he was interviewed by an outside attorney that Brocade hired to investigate the matter.
The 46-year-old Reyes could not be reached for comment.“That integrity rests on the shoulders of chief executive officers and chief financial officers being honest in their disclosures.” It was the second time Reyes was sentenced to prison in a case that was both closely watched and controversial in Silicon Valley, where stock options are widely used to recruit and reward employees, and where backdating occurred at numerous companies in the early part of last decade.A jury convicted Reyes in the spring on nine of 10 counts of securities fraud and related charges, after his 2007 conviction on the same charges was overturned on appeal.In addition, the charges against Reyes, first filed in 2006, involve allegations of misconduct dating back nearly a decade.
May 31, 2007. As the Commission alleged in its complaint against the company, as well as its earlier complaint against Reyes and other former executives, Brocade backdated dozens of grants for tens of millions of stock options. Among other things, Brocade personnel are alleged to have backdated large option grants.… continue reading »
Jan 16, 2008. In August, a jury convicted Mr. Reyes of 10 counts of fraud for his role in a scheme to backdate the stock options grants he gave to his Brocade employees, a gambit to maximize the compensation tool's value, and then doctor the company's books to make it look like they were not actually “in-the-money” at.… continue reading »
Aug 18, 2009. A federal appeals court on Tuesday torpedoed the Justice Department's signature prosecution of the valley's backdating era, reversing Reyes' convictions for illegally rigging stock options for Brocade employees to give them more favorable terms. The appeals court found that Reyes' 2007 trial was tainted.… continue reading »
Mar 26, 2010. For the second time, a federal jury has found former Brocade Communications CEO Gregory Reyes guilty of securities fraud and related charges in a closely watched case that grew out of a wide-ranging investigation into the backdating of stock options in Silicon Valley. Reyes was found guilty Friday on.… continue reading »
Jun 25, 2010. We have closely followed the up-and-down travails of former Brocade CEO Gregory Reyes pictured. He was convicted in 2007 for his role in stock options backdating at the company, receiving a 21-month prison term. But his conviction was reversed last year by the 9th Circuit. Prosecutor the retried the.… continue reading »
Aug 8, 2007. Prosecutors also said that Mr. Reyes had denied ever backdating stock options when he was questioned by investigators about the pattern of favorable grant dates. The lawyer for Mr. Reyes, Richard Marmaro, portrayed his client as a hard-working technology company executive who did not traffic in the.… continue reading »