Ex-Brocade CEO Reyes Has Conviction for Backdating Upheld During Appeal

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Ex-Brocade Chief Reyes Has Conviction for Backdating Upheld During Appeal
Greg Reyes, the former chief executive officer of Brocade Communications Systems Inc. (BRCD), lost a bid to reverse his conviction for backdating employee stock option grants and hiding the practice from auditors and investors. The U.S. Court of Appeals in San Francisco today upheld the 18-month prison sentence and $15 million fine imposed after his second criminal trial. Reyes’ first conviction was thrown out by the same appeals court in 2009 because of prosecutorial misconduct.