Brocade communications systems backdating

Posted by / 14-Jan-2020 15:52

The former Saratoga High School football player has deep roots in the valley, where his brother and father were also executives in the tech industry. In addition to investing in the Sharks hockey franchise, Reyes donated more than

The former Saratoga High School football player has deep roots in the valley, where his brother and father were also executives in the tech industry. In addition to investing in the Sharks hockey franchise, Reyes donated more than $1.3 million several years ago to help Saratoga High renovate its athletic fields. In his arguments to the jury, defense attorney Neal acknowledged that backdating occurred and that Brocade’s accounting was flawed.But Neal contended that prosecutors took evidence out of context and that his client hadn’t intended to break the law.

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The former Saratoga High School football player has deep roots in the valley, where his brother and father were also executives in the tech industry.

In addition to investing in the Sharks hockey franchise, Reyes donated more than $1.3 million several years ago to help Saratoga High renovate its athletic fields.

In his arguments to the jury, defense attorney Neal acknowledged that backdating occurred and that Brocade’s accounting was flawed.

But Neal contended that prosecutors took evidence out of context and that his client hadn’t intended to break the law.

Citing evidence that Brocade board members and financial officers were also aware of the backdating, or even took part in it, Neal argued that Reyes relied on the finance officials to ensure that Brocade was complying with complex and confusing accounting rules.

During the three-week trial, prosecution witnesses testified that Brocade reported annual profits in 20 when the company’s backdating expenses should have led the company to report a net loss of more than $175 million in each year.

They said Reyes himself reaped about $1.9 million in profit, while orchestrating a scheme to avoid properly accounting for those options — and thus giving other investors an inflated picture of company earnings.

.3 million several years ago to help Saratoga High renovate its athletic fields. In his arguments to the jury, defense attorney Neal acknowledged that backdating occurred and that Brocade’s accounting was flawed.But Neal contended that prosecutors took evidence out of context and that his client hadn’t intended to break the law.

“This was a difficult case to win, and it bodes well for the government,” said Peter Henning, a former prosecutor and law professor at Detroit’s Wayne State University, who has closely followed backdating cases around the country. The same judge previously sentenced Reyes to 21 months in prison and ordered him to pay a million fine, after the hard-charging former executive — and former part-owner of the San Jose Sharks — was convicted on all 10 counts in 2007, including the conspiracy charge.

“This bolsters the government’s position that the prosecutions were worth pursuing.” Reyes, who has been free on bond, will be sentenced on June 24 by U. The case itself has been controversial since Reyes’ indictment in 2006.

Critics said Reyes’ actions exemplified greed above ethics.

Brocade has since revised its earnings statements for the period.

Reyes is widely credited with building Brocade into a major supplier of data storage networking equipment.

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