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Feds Win First Conviction In Backdating Scandal

Law360 (August 7, 2007, 12:00 AM EDT) -- In the first major fallout of the options backdating scandal that has enveloped corporate corner offices across the United States, a San Francisco jury on Tuesday convicted former Brocade Communications Systems Inc. CEO Gregory Reyes on all counts of defrauding investors.

The verdict came at the end of the first trial in the U.S. Justice Department's investigation into the widespread compensation practice and could provide an important roadmap for ongoing civil and criminal cases involving other executives, lawyers said.

“It's a very surprising verdict given the...
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