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Ousted Brocade CEO Convicted On All 10 Counts Of the Criminal Backdating Charges

Be Afraid, Be Very Afraid

Ousted Brocade CEO Gregory Reyes was convicted Tuesday on all 10 counts of the criminal backdating charges that the government lodged against him, a verdict that's supposed to embolden the government to press forward with charges against the other backdating miscreants on its list like former Apple and Broadcom execs - because it's validation - a prospect that threatens to thin press Rolodexes like the St. Valentine's Day Massacre.

Reyes, 44, emerged from the courtroom protesting his innocence and vowing to appeal through his attorney. The court is going to hear a motion for a new trial.

The jury of three men and nine women, including a doctor and a lawyer, deliberated over the securities fraud case for six days and had two hours worth of testimony read back to them, including testimony from a Morrison & Foerster lawyer, used by Brocade for its internal investigation, who believed Reyes understood the accounting implications of backdating though when he might have become aware was unclear.

Reyes' one out failed. Judge Charles Breyer, the brother of Supreme Court Justice Stephen Breyer, decided not to dismiss the case for want of evidence as the defense had asked, ruling that there was enough evidence to make a determination.

The verdict reportedly had Reyes' wife and a couple of the jurors in tears. Sentencing is set for November 21, the day before Thanksgiving.

The charges include mail fraud, falsifying the books and records, and making false statements. He could be looking a 20-year stretch and $5 million in fines.

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