Ibm options back dating
The devil says “Ten million dollars.” With a smug look on his face, he made a cheque and went to sit back on his chair.The KPMG manager was even more jealous & starts screaming, “I want to call my office friends, senior managers and partners.” He called the other KPMG employees and he talked for twenty hours about his Audit files and jobs, he asked about new clients, he talked and talked & talked, then he asked “Well, devil how much do I need to pay for the call???? The KPMG manager is stunned & says “Twenty dollars??? ” Devil says: – “The Securities and Exchange Commission filed civil fraud charges today against the former chief financial officer of Brocade Communications Systems, saying “he turned a blind eye” to the high-flying company’s stock option backdating scheme. Byrd, a 45-year-old Saratoga resident, is the fourth former Brocade executive to face civil charges.In addition, he received backdated options himself, the SEC alleged.Byrd signed on with Brocade in May 1999, the same month the company went public. District Court in San Francisco, the SEC claims Byrd was aware of numerous examples of option manipulation.Two of them also have been charged with criminal fraud.Former CEO Greg Reyes was convicted last week in the nation’s first criminal trial involving backdated options and is awaiting sentencing, while former vice president of human resources Stephanie Jensen is awaiting trial.“This case confirms the commission’s commitment to pursuing not just those who perpetrate financial fraud, but those corporate gatekeepers who allow it to happen,” SEC enforcement director Linda Chatman Thomsen said in a press release.” KPMG has been Brocade’s auditors for a while, having inherited this account from Arthur Andersen with the 2002 fiscal year.
It seems that they may have looked the other way when accepting this high flying, risky client from Andersen but they put their finger on the issues and stood hard and fast when they did.On your mark, get set..go experience the power of performance with IBM at VMworld 2019.Take a look at the top reasons that'll get your motor running and have you planning to join us in San Francisco.As an aside, here’s an interesting article in Financial Week, written prior to the verdict, about what the jury in the Greg Reyes trial didn’t hear: “Gesturing from the bench with a dismissive wave of his hand, the (Judge Breyer)concluded: “[What] these transcripts…demonstrate to me is how incomplete and inadequate and less than forthcoming people are during these calls…Why isn’t the government then entitled to show how artificial and how structured and how incomplete these discussions are which go out to the market in terms of information….But then it becomes quite a different trial.”That trial, Judge Breyer went on to explain, would become one concerned less with any specific transgressions that might have taken place with the accounting at Brocade under Mr. “[Whether] the board of directors was browbeaten…whether or not in these investor meetings the company was forthcoming…and how information was disseminated to the public and so forth.” And that, the judge seemed to suggest, is not a trial within the court’s scope.