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15-Mar-2017 19:52

If the court finds that Brocade knowingly took a deduction it was not entitled to have, the company or executives involved could be guilty of tax fraud, as well.In the end, if the Do J proves that the Brocade executives deliberately orchestrated a scheme to mislead investors and regulators by falsifying documents and forging financial statements, it could amount to criminal securities fraud, contends Kenneth Lee, a securities litigator in the New York office of Thacher Proffitt and Wood.That’s because of the stock option backdating scandals and based on rules and standards that consider backdated documents less reliable supporting evidence for financial statement numbers or evidence for an audit.

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What’s more, the Do J asserts that to facilitate the alleged scheme, the Brocade executives falsified documents — including employment offer letters and compensation-committee minutes — to make it appear that the paperwork supported the earlier options-grant dates. Those executives usually wind up being the top five executives.The Securities and Enforcement Commission and the Department of Justice eventually caught hundreds of companies and individual executives illegally backdating between 20.Auditors and accountants traditionally view backdating with skepticism.The leaked Mossack Fonseca files show the law firm regularly offered to backdate documents for clients, according to a report by the International Consortium of Investigative Journalists, a not-for-profit that coordinated the expose.