I have always been an honorable man, but on these matters I acted without honor.” Alexander, who started the Woodbury software firm in 1982, disappeared and surfaced in Namibia in 2006 just before he was accused of backdating options for himself and other executives from 1998 to 2001 without disclosing the practice in annual reports.
Although Alexander never cashed in his options, prosecutors said the scheme cost the company .8 million and led to its delisting as a publicly traded company, reducing the market capitalization by 0 million.
This is the not the first case brought by the government against Reyes, who had been found guilty on 10 counts of backdating options in 2007, where he was fined million and sentenced to 21 months in prison.
On appeal, that decision was overturned on the grounds the prosecution "made a false assertion of material fact to the jury during closing arguments," wrote .
“[We’ll] be asking for [the] lowest possible sentence.” When indicted in 2006, the disgraced tech executive faced 25 years in prison.
The US does not have an extradition treaty with Namibia.
Reputation and regulation effects on director turnover and change of directorships - Review of Accounting and Finance - July (3rd Quarter/Summer) 16 2016 Director Turnover and Loss of Directorship: A study of Option Backdating Firms in the Post-SOX Era - Journal of Accounting and Finance - December 1 2014 Effectiveness of overlapping board structure on CEO compensation, firm performance and accrual quality - Quarterly Journal of Finance & Accounting - December 1 2012 Stock option backdating at Comverse Technology: Ethical, Regulatory and Governance Issues - Journal of the International Academy for Case Studies - September 2011 Stock option backdating at Comverse Technology: Ethical, Regulatory and Governance Issues, Instructors’ Note - Journal of International Academy for Case Studies - September 2011 The impact of regulatory change and the SEC’s investigation on option-backdating firms’ corporate governanc - Advances in Accounting - December 1 2011 Does the disclosure of corporate governance structures affect firms’ earnings quality?
- Review of Accounting and Finance - July (3rd Quarter/Summer) 2010 Cross-listing Foreign Firms’ Earnings Informativeness, Earnings Management and Corporate Governance under SOX - The International Journal of Accounting - March 2009 Embezzlement at San Chou College - IMA EDUCATIONAL CASE JOURNAL - February 2009 Embezzlement at San Chou College: Teaching Note - IMA Educational Case Journal - February 2009 Does audit committee independence improve information content of earnings under the Sarbanes-Oxley Act?
Is Gregory Reyes being made Silicon Valley's poster boy for backdating of stock options?
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.
The 2 1⁄2-year prison term exceeded by 6 months the longest previous sentence in the U. for options backdating, but as part of the deal to get him to return prosecutors dropped obstruction of justice and bribery charges, and they never charged Alexander over his flight.
The father of three, whose family and friends filled the courtroom, is worth 0 million and lived comfortably on a golf course in Namibia, according to prosecutors.