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Reyes, the former chief executive of the San Jose, CA-based data center infrastructure company, was found guilty on eight counts, including securities fraud and making false statements; however, he was acquitted on the charge of conspiracy.
The government was not able to win in a backdating case against Irvine, CA-based computer chip maker Broadcom, whose case was thrown out of court in December 2009."Options backdating has always been fairly well removed from the typical securities fraud involving falsified accounting records or insider trading, the type of conduct that juries can easily see is improper," wrote professor Peter J.
Henning of Wayne State Law School in a blog about the Broadcom case going awry for the government. There were a number of factors, including damning testimony from witnesses who said former Brocade human resources executive Stephanie Jensen told executives not to send e-mails to each other or document anything about options backdating because their CEO, Reyes, did not want a paper trail. And it was a total fraud."The defense admitted that backdating and accounting mistakes took place, but argued that Reyes was not alone and did not knowingly commit criminal activity.
have led to the resignation of dozens of top executives and investigations by the Securities and Exchange Commission and federal prosecutors. 29, Apple discussed the report and accounted for the impact of the earnings restatements in its 10-Q.
But the options scandal has never touched a more exciting company than Apple or a more thrilling executive than Jobs. In June 2006, a special committee of Apple outside directors, chaired by former Vice President Al Gore, hired its own attorneys to investigate options backdating at the company. It turns out there were literally thousands of examples of backdating at Apple—6,428 options grants on 42 dates over a period of several years.
He is the first person to have been convicted for fraudulent backdating of corporate stock options.
After graduating from high school, Reyes attended Saint Mary's College of California in Moraga, CA, where he obtained a degree in Business Administration in 1984.Is Gregory Reyes being made Silicon Valley's poster boy for backdating of stock options?Executives at Broadcom, Mc Afee and Comverse Technology have been able to evade federal criminal charges, but the defense may have been overconfident in avoiding using witnesses on Reyes' behalf.After obtaining his degree, Reyes became an OEM sales representative for Convergent, then left to become Vice President of Sales and Support at Banyan Systems, a networking and data communications software firm.Reyes obtained his first CEO position with Wireless Access, a Silicon Valley start-up company specializing in two-way pagers.During his studies there, Reyes obtained an internship with Convergent Technologies (Unisys) in its sales department.