was sentenced Friday in New York to time served after cooperating with authorities in a stock options backdating probe of the software company. District Court for the Eastern District of New York.
Former Comverse Chief Financial Officer David Kreinberg was sentenced by Judge Nicholas G. In October 2006, he became the first of three Comverse executives facing criminal backdating charges to plead guilty.
We'd love to see more startups, more experimentation, more investment, more long-shots into funding models, more doubling-down into technologies that will benefit journalists, users and the world.
You'd think they'd be up to their eyeballs in rope.
I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.
The government has been trying to win a number of backdating options cases, and it appears this victory could land Reyes in jail, according to news reports.
The government was not able to win in a backdating case against Irvine, CA-based computer chip maker Broadcom, whose case was thrown out of court in December 2009."Options backdating has always been fairly well removed from the typical securities fraud involving falsified accounting records or insider trading, the type of conduct that juries can easily see is improper," wrote professor Peter J.
That means the company incurs an expense equal to the difference in the share price between the two dates.