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A second former Brocade Communications Systems executive was convicted Wednesday of stock-option backdating charges for colluding with her boss to conceal employees' salary packages from company auditors, shareholders and federal regulators.

Stephanie Jensen, the San Jose company's former human resources director, was found guilty of one count of conspiracy and one count of falsifying books and records for scheming with then-CEO Gregory Reyes for several years to keep their compensation practices off Brocade's books. He is scheduled to sentence Jensen, 50, of Los Altos on March 12.

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SAN FRANCISCO (Reuters) - Prospects for criminal prosecutions of scores of options-backdating cases rest heavily on the outcome of a jury trial in which the judge has already questioned the strength of the government’s evidence.The lack of a personal financial motive distinguishes the case from more-notorious securities-fraud cases such as Enron Corp ECSPQ. “If I were a prosecutor, I’d be reluctant to bring a case against a guy who didn’t make any money on the deal,” said Joseph Bartlett, an attorney at Fish & Richardson in New York and a former acting professor at Stanford Law School.“I don’t think it’s in the same category as the Enron or Worldcom game,” where executives reaped large personal gains. Securities and Exchange Commission is also investigating backdating, and about 100 companies have announced restatements totaling more than billion to account for past options grants. The jury’s decision is likely to influence the roughly 100 pending criminal investigations into backdating, a practice that prosecutors say enriched executives and other employees at the expense of shareholders through accounting manipulations. Justice Department has filed criminal charges against former executives of companies including Mc Afee Inc MFE.In the mid-2000s, an investigation by the Securities and Exchange Commission resulted in the resignations of more than 50 senior executives and CEOs at firms across the spectrum from restaurant chains and recruiters to home builders and health care.High-profile companies including Apple, United Health Group, Broadcom, Staples, Cheesecake Factory, KB Homes, Monster.com, Brocade Communications Systems, Inc., Vitesse Semiconductor and dozens of lesser-known technology firms were implicated in the scandal. .) The essence of the options backdating scandal can be summarized simply as executives falsifying documents in order to earn more money by deceiving regulators, shareholders and the Internal Revenue Service (IRS).

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