Broadcom and backdating
Broadcom and backdating - visual studio 2016 validating web site slow
Gregory Reyes, ex-CEO of Brocade Communications and former owner of the San Jose Sharks, was found guilty by a federal jury on March 26 of intentionally backdating stock options for the benefit of employees and himself, according to the .Reyes, the former chief executive of the San Jose, CA-based data center infrastructure company, was found guilty on eight counts, including securities fraud and making false statements; however, he was acquitted on the charge of conspiracy.
On appeal, that decision was overturned on the grounds the prosecution "made a false assertion of material fact to the jury during closing arguments," wrote .
The government has been trying to win a number of backdating options cases, and it appears this victory could land Reyes in jail, according to news reports.
The government was not able to win in a backdating case against Irvine, CA-based computer chip maker Broadcom, whose case was thrown out of court in December 2009.
"Options backdating has always been fairly well removed from the typical securities fraud involving falsified accounting records or insider trading, the type of conduct that juries can easily see is improper," wrote professor Peter J.
Henning of Wayne State Law School in a blog about the Broadcom case going awry for the government. There were a number of factors, including damning testimony from witnesses who said former Brocade human resources executive Stephanie Jensen told executives not to send e-mails to each other or document anything about options backdating because their CEO, Reyes, did not want a paper trail.
Jensen was sentenced to four months in jail and fined .25 million for her role in Brocade backdating. And it was a total fraud." The defense admitted that backdating and accounting mistakes took place, but argued that Reyes was not alone and did not knowingly commit criminal activity.
"In his second trial, Reyes' attorneys made what legal experts said was a potentially risky decision: They opted not to call any witnesses in his defense, arguing instead that the government had failed to prove its case," wrote Brandon Bailey of the . Bailey of the "Citing evidence that Brocade board members and financial officers were also aware of the backdating, or even took part in it, [defense attorney Stephen] Neal argued that Reyes relied on the finance officials to ensure that Brocade was complying with complex and confusing accounting rules."Gregory Reyes began to intentionally backdate the option grants. During the three-week trial, prosecution witnesses testified that Brocade reported annual profits in 20 when the company's backdating expenses should have led the company to report a net loss of more than 5 million in each year.Richard Marmaro is the head of Skadden’s West Coast SEC enforcement and white collar defense practice and has offices in Los Angeles and New York. Marmaro is a fellow of the American College of Trial Lawyers, as well as the International Academy of Trial Lawyers.He has been called the "go to" white collar lawyer by the Daily Journal, and the publication has recognized him as one of the "Top 100" attorneys in California, and has named him one of the "Ten Top Lawyers of the Decade" (2000-2010).The Daily Journal also has recognized him as one of the leading white collar and SEC enforcement defense attorneys in California, and the Los Angeles Business Journal has included him on its list of "Who’s Who in L. Law," which also named him one of the top 25 "Most Influential Lawyers in White Collar & Cyber Crimes Law" in 2015. Marmaro consistently is recognized as a "leading lawyer" by Chambers Global and Chambers USA, repeatedly has been included in The Best Lawyers in America and was named Best Lawyers’ 2016 "Los Angeles Litigation — Regulatory Enforcement (SEC, Telecom, Energy) Lawyer of the Year." He also was recognised in Who’s Who Legal: Investigations 2016 and repeatedly listed on their Business Crime Defense list.He was named to The National Law Journal’s list of "White Collar Crime Trailblazers" as well as their annual "Winning" feature and "Most Influential Lawyers" list.