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First Backdating Case Hits This Afternoon

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CNBC's SquawkBlog is reporting that former Brocade CEO Greg Reyes will be indicted on criminal charges by federal prosecutors and charged with civil securities fraud by the SEC this afternoon. The SEC and US Attorney's Office will hold a joint press conference at 2 PM California time, according to a SquawkBlog item penned by Charlie Gasparino. It had earlier been reported that Reyes might be the first corporate executive face charges stemming from alleged backdating of options grants.

Greg Reyes Indictment Today