Feeds

SEC outs itself in case against ex-Brocade CEO

Not so civil

Internet Security Threat Report 2014

The US Securities and Exchange Commission (SEC) appears to have revealed its intentions to go after former Brocade CEO Greg Reyes. The commission earlier today announced a press conference in San Francisco via a covertly named Word file dubbed "brocademedia.doc".

"You can't draw any conclusion from that," SEC spokesman John Heine told Reuters.

Ah, but you can.

Brocade's ex-chief has long been at the center of speculation that the SEC would dish out civil charges against him over the alleged improper booking of stock options expenses. Numerous companies have been fingered in a wide-ranging stock options probe. The government suspects that companies reworked the dates of options grants to give employees more lucrative packages.

The SEC will hold a press conference at 2 p.m. today in San Francisco and is expected to announce the first set of criminal and civil charges in the stock option probe against Reyes, making an example of the former executive.

Brocade, which has suffered from long-running accounting issues, has been investigating the options issue.

The storage switch maker has a contentious relationship with Reyes. It granted him a cushy exit package only to try and weasel out of the deal and any association with Reyes later on, claiming the executive wasn't doing his consultancy work as promised.

We'll have more this afternoon, following the SEC announcement. ®

Beginner's guide to SSL certificates

More from The Register

next story
Docker's app containers are coming to Windows Server, says Microsoft
MS chases app deployment speeds already enjoyed by Linux devs
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
'Urika': Cray unveils new 1,500-core big data crunching monster
6TB of DRAM, 38TB of SSD flash and 120TB of disk storage
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
SDI wars: WTF is software defined infrastructure?
This time we play for ALL the marbles
Windows 10: Forget Cloudobile, put Security and Privacy First
But - dammit - It would be insane to say 'don't collect, because NSA'
Oracle hires former SAP exec for cloudy push
'We know Larry said cloud was gibberish, and insane, and idiotic, but...'
Symantec backs out of Backup Exec: Plans to can appliance in Jan
Will still provide support to existing customers
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.