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Storage/servers/generic IT

Ex-Brocade CEO Gets 21 Months

Ex-Brocade Communications Systems Inc. (Nasdaq: BRCD) CEO Greg Reyes has been sentenced to 21 months of jail time and ordered to pay a $15 million fine, in the conclusion of a landmark case regarding stock options backdating.

Reyes was convicted of 10 counts of securities fraud by a California jury in August 2007. He originally faced up to 20 years in jail and at least $100 million in fines, but widespread reports of today's sentencing in San Francisco indicate the judge found cause for leniency, despite condemning Reyes for making misleading statements in court.

Get the full story at Byte and Switch.

— Mary Jander, Site Editor, Byte and Switch

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