On the heels of a conviction against former Brocade Communications CEO Gregory Reyes, the Securities and Exchange Commission has filed fraud charges against Michael Byrd, the company's former CFO and COO.
The commission alleges that he disregarded indications that other senior corporate executives at the networking company were backdating stock option grants. The SEC alleges that Byrd learned of instances when Reyes and other executives were backdating options, but didn't try to properly account for the expenses or disclose them to investors.
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