[ga] VeriSign Director Charged with Securities Fraud

[Danny Younger <dannyyounger@xxxxxxxxx>]

George Kirikos has just posted this story to CircleID:

"Bloomberg is reporting that Gregory Reyes is facing
criminal and civil charges in relation to securities
fraud. Reuters and the Mercury News also have
coverage. 

Former Brocade Communications Systems Inc. Chief
Executive Officer Gregory Reyes became the first CEO
charged in the U.S. probe of the backdating of stock
option grants to create lucrative employee pay
packages. 

Reyes, 43, who was ousted as head of the Silicon
Valley maker of computer equipment in January 2005
after an earnings restatement, was charged with
securities fraud, according to a criminal complaint
filed today in San Francisco federal court. Also
charged was ex-human resources vice president
Stephanie Jensen for her role in backdating option
grants for new hires. --Bloogberg, July 20, 2006

Mr. Reyes is a current director of VeriSign and thus
the issues I raised in an earlier CircleID story,
regarding the ability of ICANN to terminate the
VeriSign .com registry agreement using section 16.C
appear to now be closer to reality. This is another
reason for the DoC not to approve the new agreement,
as it doesn?t have similar termination provisions."


http://www.circleid.com/posts/verisign_director_charged_with_securities_fraud/



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