News

posted on 20 March 2008 10:05

Stephanie Jensen, the ex-Brocade personnel director caught up in the Brocade stock options backdating case, has been given 4 months jail, a $1.25 million fine and 1 year of supervised release after jail.

Who would have thought a dull HR post could lead to jail?

She really gets 7 months confinement as the first 3 months of supervised release means staying in a halfway house.

Ms Jensen is currently free pending an appeal.

She was convicted of falsifying corporate records and of conspiracy. Her boss, Gregory Reyes, ex-Brocade CEO, was given a 21-month priso term and a whopping $15 million fine in January after his stock option conviction. Reyes is also free whilst an appeal is being followed.

Jensen apologised to the court and the judge talked about her fate being a lesson to others to say 'no' when asked to do similar things.

She apparently held Brocade stock options and was a multi-millionaire from them.

Courts have found that she and Reyes illegally back-dated stock options. The practise itself is illegal if done in secret, as the courts found was the case.

^{[Paul Roberts, news editor.]}