Reyes charged with fraud

By Deni Connor, NetworkWorld.com, 07/21/06

Greg Reyes, former chairman and CEO of Brocade Communications, yesterday became the first charged executive in a widening stock options backdating scheme.

Reyes and Stephanie Jensen, the former vice president of human resources, had civil and criminal charges filed against them by federal authorities. Albert Canova, former CFO at Brocade, was also charged.

Reyes, who resigned in January of 2005, originally was to stay at Brocade for two years under a consulting contract. After determining that he did not do any work, Brocade's board voted to revoke the money it had promised to pay him.

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