Internal strife at the SEC tanked a proposed settlement with Michael Byrd, the former CFO of Brocade Communications. Upset that a million-dollar deal proposed by the SEC's enforcement division wouldn't have barred Byrd from being an accountant at other public companies, the SEC's accounting division scuttled the agreement, said lawyers briefed on the case. Byrd was a key figure in the criminal trial that ended with a conviction of former Brocade CEO Gregory Reyes for backdating stock options.
August 20, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Internal strife at the Securities and Exchange Commission tanked a proposed settlement between the SEC and Michael Byrd, the former CFO of Brocade Communications.
Upset that a million-dollar deal proposed by the commission’s enforcement division wouldn’t have barred Byrd from being an accountant at other public companies, the SEC’s accounting division effectively scuttled the agreement, said lawyers briefed on the case.
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