SAN FRANCISCO Two former Brocade Communication Systems Inc. executives pleaded not guilty in federal court here Wednesday (Aug. 30) to several charges arising from an alleged stock options backdating scheme, according to an Associated Press report.
The executives, Gregory Reyes, former Brocade chairman and CEO, and Stephanie Jensen, formed vice president of human resources for the firm, will huddle with attorneys to discuss a trial date, according to a report by San Jose Mercury News.
Reyes and Jensen were both indicted last month on single count each. The Justice Department later filed additional charges against both. Each now faces the possibility of 20 years or more in prison, plus heavy fines, if convicted.
Reyes and Jensen were the first individuals to be indicted in the swirling stock options backdating scandal, which has touched dozens of companies this year.
Reyes is currently free on $2 million bail and Jensen on $500,000 bail, according to the AP report.