LAWFUEL – The Legal Newswire – Many thought the trial and its complex evidence would be too complex for a jury. The jury appeared at times strained and distraught. But ultimately their verdict gave the federal government a resounding victory.
Silence enveloped a San Francisco courtroom Tuesday after a jury dealt once-powerful high-tech executive Gregory Reyes a devastating blow by finding him guilty on all counts, ending the nation’s first criminal trial over the backdating of stock options.
After six days of deliberation, the jury handed the federal government a resounding victory. Reyes could face up to 20 years in prison for the most serious charges and millions of dollars in fines.
He was convicted of misleading Brocade company shareholders between the years 2000 and 2004 by conspiring to alter the grant dates of stock options awarded to employees and falsifying company documents, including financial statements.
Sentencing is scheduled for Nov. 21.