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13-Jul-2020 07:02

Reyes understood or knew much about the critical accounting issues involved.Equally surprising is the length of time which the jury took to come to a verdict.Reyes reaped about

Reyes understood or knew much about the critical accounting issues involved.Equally surprising is the length of time which the jury took to come to a verdict.Reyes reaped about $1.9 million in profit from backdated options, according to both sides, although his attorney noted those options were approved by company directors.The high-profile case rocked Silicon Valley in the early part of last decade: Reyes was the most prominent local executive to be charged with criminal wrongdoing after authorities began investigating numerous local companies and their options practices.Since options give employees the right to buy stock, they can increase in value if the company’s stock rises above the share price on the day the options are granted.Reeves noted that witnesses testified they were told to increase the value of options by making the paperwork appear as if they were granted on earlier dates when prices were lower — sometimes even before the recipient had gone to work for the company — but not to pick a date when the price was at its lowest, because that would be too obvious to outside auditors.He was convicted of securities fraud and related charges in 2007, but his conviction was overturned on appeal.

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Reyes understood or knew much about the critical accounting issues involved.

Equally surprising is the length of time which the jury took to come to a verdict.

Reyes reaped about $1.9 million in profit from backdated options, according to both sides, although his attorney noted those options were approved by company directors.

The high-profile case rocked Silicon Valley in the early part of last decade: Reyes was the most prominent local executive to be charged with criminal wrongdoing after authorities began investigating numerous local companies and their options practices.

.9 million in profit from backdated options, according to both sides, although his attorney noted those options were approved by company directors.The high-profile case rocked Silicon Valley in the early part of last decade: Reyes was the most prominent local executive to be charged with criminal wrongdoing after authorities began investigating numerous local companies and their options practices.Since options give employees the right to buy stock, they can increase in value if the company’s stock rises above the share price on the day the options are granted.Reeves noted that witnesses testified they were told to increase the value of options by making the paperwork appear as if they were granted on earlier dates when prices were lower — sometimes even before the recipient had gone to work for the company — but not to pick a date when the price was at its lowest, because that would be too obvious to outside auditors.He was convicted of securities fraud and related charges in 2007, but his conviction was overturned on appeal.

Karatz's attorney, John Keker of San Francisco's Keker & Van Nest, claims that his client was "erroneously denied" a jury instruction that state Karatz could not have committed fraud in concealing KB's backdating practices if he was relying on an attorney's advice.Karatz, in a motion filed for a new trial, says he was relying in good faith on advice from KB's General Counsel Ben Hirst, who advised him to conceal the backdating practices.