Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, August 4, 2008

Former Sycamore Networks CFO Suspended from Appearing Before SEC

On July 25 the SEC issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions (Order) against Frances M. Jewels, an attorney and licensed CPA who served as Chief Financial Officer, Vice President of Finance and Administration, Secretary and Treasurer of Sycamore Networks, Inc. (Sycamore) from approximately mid-1999 until October 2004. The Order finds that on July 10, 2008, a final judgment was entered by consent against Jewels, permanently enjoining her from future securities law violations in connection with allegations of backdating stock options (Securities and Exchange Commission v. Sycamore Networks, Inc., et al., Civil Action Number 08-CA-11166(DPW), in the United States District Court for the District of Massachusetts). In that action Jewels was also ordered to pay $30,000 in disgorgement, together with prejudgment interest thereon in the amount of $4,980.04; to reimburse Sycamore in the amount of $190,000, consisting of certain cash bonuses she received; to pay a $230,000 civil money penalty; and was barred from serving as an officer or director of a public company for five years.  The Order suspends Jewels from appearing or practicing before the Commission as an attorney or an accountant for a period of five years. After five years from the date of the Order, Jewels has the right to request reinstatement to appear or practice before the Commission as an attorney or accountant. Jewels consented to the issuance of the Order without admitting or denying any of the findings therein except as to the final judgment entered against her, which she admits. (Rel. 34-58232; AAE Rel. 2848; File No. 3-13102)

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