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Securities

Aug. 18, 2011

Ex-Brocade chief settles civil stock options backdating charges

Former Brocade Communications Systems Inc. chief executive Gregory L. Reyes has agreed to pay nearly $850,000 to settle the SEC's stock options backdating claims against him.

By Jill Redhage
Daily Journal Staff Writer

Former Brocade Communications Systems Inc. chief executive Gregory L. Reyes has agreed to pay nearly $850,000 to settle stock options backdating claims against him, the U.S. Securities and Exchange Commission said Monday in a letter to a Northern District judge.

Without admitting guilt, Reyes consented to pay the SEC a civil penalty of $550,000, plus disgorge $150,000 in purported ill-gotten gains and another $145,220 in int...

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