Bankdating leads to conviction

NY Times:

"Jurors in Federal District Court in San Francisco convicted the former chief executive of Brocade Communications Systems, Gregory L. Reyes, 44, on 10 counts of conspiracy and fraud.The verdict ended a five-week trial in which Mr. Reyes was accused of intentionally changing the grant dates for hundreds of stock option awards without disclosing the move to investors."

As a Met's fan, the headline petrified me (Reyes Convicted). As I dove into the article, I was at least relieved that it was not this Reyes (and even a bit vindicated as I have been arguing for months that backdating was a big deal (if for no other reason it provides another look into the firm and its governance) and seemingly few others agreed.). Obviously expect more prosecution after this.

Backdating takes another "victim"

from CFO.com

"Cirrus Logic, a maker of audio and video chips, announced that David D. French has resigned as president and chief executive officer and as a director after an internal review determined that he was aware of possible backdating of stock option grants...."