The 9th Circuit has thrown out former Brocade CEO Gregory Reyes' criminal conviction for backdating stock options and ordered a new trial because the prosecution misled jurors with false assertions during closing arguments. The reversal destroys the government's highest-profile conviction of an executive for the backdating scandal that swept tech companies this decade. Convicted in 2007 of conspiracy and fraud for backdating employee stock options, Reyes was sentenced to 21 months in prison and given a $15 million fine.
August 19, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The 9th U.S. Circuit Court of Appeals has thrown out former Brocade CEO Gregory Reyes’ criminal conviction for backdating stock options because of prosecutorial misconduct (pddf).
A three-judge panel of the 9th Circuit on Tuesday ordered a new trial because the prosecution misled jurors with false assertions during closing arguments.
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