Brocade swindler gets 21 months and a big fat fine
Boo, raving hoo
Wednesday, 16 January 2008, 19:43
EX-BROCADE CEO Gregory Reyes, starting blubbering in court before the judge stiffed him with a 21-month jail sentence and a $15 million fine.
Reyes was convicted in August last year of 10 charges of securities fraud relating to the backdating of stock options, which appears to have been a favourite way for rich US executives to make themselves richer.
Prosecutors had been seeking a $41.2 million fine plus $90 million in restitution to cover Brocade's costs relating to the case.
Maybe U.S. District Judge Charles Breyer was swayed by the tears.
He did say he was being light on the swindler because he'd bunged a few bob at various charities over the years. Like he couldn't afford it.
Reyes hasn't been banged up yet as he'll appeal. ยต
Share this:
Share
Advertisement
Subscribe to the INQ Newsletter
Sign-up for the INQBot weekly newsletter
INQ Whitepapers
Business Intelligence Software
Customer Relationship Management (CRM)
Enterprise Accounting Software
Enterprise Resource Planning (ERP)
Enterprise Systems Management
Jobs
Advertisement
INQ Poll
Great, but how much did he swindle in the first place ? If he made off with $100 million, then why should he really care ?
I firmly believe that illegal property or ill-gotten gains should be returned in total. If he made off with $100 million, he should return $100 million and be fined $15 million more to teach him a lesson.
Goes double plus for companies.
Well said !!