Federal prosecutors have filed criminal and civil charges against former Brocade Communications (BRCD) CEO Gregory Reyes over the timing of stock option grants at the company, according to a media report.

Bloomberg reported that Reyes was charged Thursday; CNBC had earlier reported that Reyes' lawyer expected that criminal and civil charges were imminent.

As reported in Thursday's Wall Street Journal, former employees at Brocade have alleged that the company altered hiring records and employed people on an ad-hoc, part-time basis in order to boost the value of stock options.

Bloomberg said Reyes, 43, who stepped down as CEO in January 2005 after an earnings restatement, was charged along with former human resources vice president Stephanie Jensen with securities fraud on the basis of their roles in backdating option grants for new hires.

Brocade is one of many companies under scrutiny by federal prosecutors and securities regulators for manipulating grant dates of stock options.

The Securities and Exchange Commission and U.S. Attorney's Office will hold a joint news conference in San Francisco at 5 p.m. EDT to announce developments in the backdating scandal, but didn't specify the developments.

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