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12-May-2017 03:54

Stephen Taub, | USMay 31, 2007 The Securities and Exchange Commission settled separate civil fraud charges with Mercury Interactive LLC and Brocade Communications Systems, 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 — million for Mercury Interactive and million for Brocade.But prosecutors said Abrams, who supervised the exercise of stock options for Mercury's officers and executives, orchestrated a scheme to falsify the dates on which stock options were exercised, in order to reduce their apparent value and minimize tax liability.She was alleged to have done so for Landan, the former chief executive, and Kenneth Klein, former chief operating officer, as well as for herself.The Commission alleged that Mercury Interactive and the former executives "perpetrated a fraudulent and deceptive scheme" from 1997 to 2005 to award themselves and other employees undisclosed, secret compensation by backdating stock-option grants, failing to record hundreds of millions of dollars of compensation expense, and falsifying documents to further this scheme.

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On July 3, 2006, Mercury filed an amended Form 10-K/A with the Securities and Exchange Commission ("SEC"), restating its financial statements for 2002, 20, and disclosing that options backdating occurred on at least fifty-four separate occasions.

with falsifying its reported income by illegally backdating stock options for five years.