Brocade stock backdating local christian singles dating sites
A stock option granted, for example, on the day you join the company allows you the right to buy that share at that day's price, but not until a fixed period – say a year – has elapsed.If the price has risen in that time you can buy the share at the option price, sell it and pocket the profit.Reyes’ case was not the mechanics of it, the backdating, but the morality of it — Mr. Standing before a packed court room that was filled with his supporters — including friends, family, former Brocade employees, Mr.Reyes’ uncle, the out-going CFO of Google, George Reyes, and former tech investment banking star, Frank Quattrone (whose 2004 conviction for obstruction of justice was overturned in 2006) — Mr Reyes said: Pausing to clear his throat, Mr. Reyes, right, walks to federal court with his wife Penny in San Francisco, Wednesday, Jan. Reyes, the former chief executive of Brocade Communications Systems Inc., was sentenced... Former Brocade CEO Gregory Reyes was found guilty in August of 10 fraud and conspiracy charges. The former honcho faced up to 20 years in jail, the notes, but the penalty fell when the judge deemed that the company lost no money in the scheme.
Meanwhile, the scope of investigations into the potential abuse of stock-options grants is expanding from the garden-variety undisclosed backdating, to "spring-loading" grants -- timing them to precede upcoming corporate "good news" presently known only to insiders to maximize their value.
But how does that relate to hiring prostitutes and drugging customers without their knowledge?
Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?
OPINION: The former CEO of a US tech giant will have 21 long months in which to rue the day he ever heard of stock option backdating.
Brocade Communications' Gregory Reyes has been sent to prison for 21 months and fined million for backdating options.