Former Brocade CEO fails to appeal against fraud charges

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Former Brocade CEO fails to appeal against fraud charges

Simon Quicke

The former CEO of Brocade has seen his appeal against securities fraud fail in the courts.

A jury in San Francisco was told in the retrial by the prosecution that former Brocade boss Greg Reyes "routinely" falsified records of stock option grants made to employees during the dotcom boom.

Reyes was convicted in 2007 and sentenced to 21 months in prison and fined $15m but won the right to a retrial after it was found that prosecutors made false assertions to the jury. The trial took just over a month to complete after starting towards the end of February.

But Reyes was convicted on Friday of nine charges related to securities fraud but acquitted on one count of conspiracy. He will be sentenced on 24 June.

In a statement Brocade said it would not comment directly on the case but it had "already resolved these matters on behalf of the company and we remain focused on running our business."


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