Feeds

SEC outs itself in case against ex-Brocade CEO

Not so civil

Choosing a cloud hosting partner with confidence

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
'Kim Kardashian snaps naked selfies with a BLACKBERRY'. *Twitterati gasps*
More alleged private, nude celeb pics appear online
Wanna keep your data for 1,000 YEARS? No? Hard luck, HDS wants you to anyway
Combine Blu-ray and M-DISC and you get this monster
US boffins demo 'twisted radio' mux
OAM takes wireless signals to 32 Gbps
Google+ GOING, GOING ... ? Newbie Gmailers no longer forced into mandatory ID slurp
Mountain View distances itself from lame 'network thingy'
Apple flops out 2FA for iCloud in bid to stop future nude selfie leaks
Millions of 4chan users howl with laughter as Cupertino slams stable door
Students playing with impressive racks? Yes, it's cluster comp time
The most comprehensive coverage the world has ever seen. Ever
Run little spreadsheet, run! IBM's Watson is coming to gobble you up
Big Blue's big super's big appetite for big data in big clouds for big analytics
Seagate's triple-headed Cerberus could SAVE the DISK WORLD
... and possibly bring us even more HAMR time. Yay!
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
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?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.