Backdating Conviction

The first conviction for the backdating of executive stock option grants was handed down yesterday to an executive from Brocade Communication Systems.  He recieved 21 months in prison and a $15 million fine. 

Speaking to the judge before his sentencing the executive said,  “I’m sorry.  There is much that I regret, and if I could turn back the clock, I would.” [emphasis added].

Probably not the best choice of words for someone convicted of turning back the corporate clock to enrich himself.