Reyes Gets 21 Months In Jail, $15M Fine

Law360, New York (January 16, 2008, 12:00 AM EST) -- The one-time head of Brocade Communications Systems Inc. was handed a 21-month prison sentence and a $15 million penalty on Wednesday for his role in a stock options backdating scandal.

Gregory Reyes, the data storage networking firm's ex-chief executive, was sentenced in the U.S. District Court in San Francisco after Judge Charles Breyer rebuffed the CEO's allegations last week that a key witness had lied during testimony and refused to grant a new trial.

Richard Marmaro, an attorney for Reyes, said after the sentencing that his...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.