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.

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— Mary Jander, Site Editor, Byte and Switch

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