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The SEC said that Reyes routinely provided extra compensation to employees by granting valuable in-the-money stock options for which a financial statement expense was required.

To avoid reporting to investors the hundreds of millions of dollars in undisclosed compensation expenses, Brocade’s former executives allegedly concealed the fact that the options had been granted in-the-money by creating records to make it falsely appear that the options had been granted at a lower price on an earlier date, said the regulator.

Last month, the SEC settled separate civil fraud charges with Brocade and Mercury Interactive, two of the earliest companies to be embroiled in the stock options backdating scandal.

The settlements included the first fines to stem from such cases—$28 million for Mercury Interactive and $7 million for Brocade.

Jacob Alexander, the founder and former chief executive officer of Comverse Technology asserts that backdating stock options is not illegal.

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