SEC Files First Complaint In Stock Options Scandals

Law360, New York (July 20, 2006, 12:00 AM EDT) -- With the promise of more charges to come, federal authorities filed the first criminal and civil complaints in the growing stock options backdating scandal.

The U.S. Securities and Exchange Commission and the U.S. Attorney for the Northern District of California accused Gregory Reyes, the former chief executive of Brocade Communications Systems Inc., and Stephanie Jensen, the company’s former vice president, of concealing expenses from investors and falsifying records.

“This case will not be the last,” said Linda Thomsen, the SEC’s director of the division of enforcement....
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