Comverse technology backdating
who was seeking documents related to his 2006 guilty plea in a stock options “backdating” scheme, saying his claims the government may have improperly pursued his case didn't outweigh witnesses' privacy. Sorin had not shown that releasing the documents was in the public interest and said the U. Former Comverse Technology Chairman and CEO Jacob "Kobi" Alexander, who refused to return from Africa after being indicted in a wide-ranging stock option scandal a decade ago, has agreed to return to the U. The agreement is the product of more than two years of sensitive negotiations among the Justice Department, Alexander's attorneys, and government authorities in Namibia, where Alexander, 64, has been living since 2006 while fighting extradition to the U. He was scheduled to appear before a Namibian judge on Monday morning to end the proceedings there and clear the way for his return to New York. A federal grand jury indicted Alexander in 2006 on 35 counts for allegedly masterminding a 15-year scheme to manipulate the value of millions of dollars worth of Comverse options. Comverse was a component stock of the S&P 500 and the NASDAQ 100 at the time of the offense. Capers of the Eastern District of New York, and William F. – Jacob Alexander, also known as “Kobi Alexander,” an Israeli national, was sentenced earlier today to 30 months in prison after having pleaded guilty to securities fraud for his role in a stock options backdating scheme involving Comverse Technologies Inc. Alexander was a former Chief Executive Officer and Chairman of the Board of Directors of Comverse, which was traded on the NASDAQ stock market.By backdating options, the defendant and his coconspirators violated accounting rules and caused Comverse to overstate its profits.Additionally, the backdated options also violated the terms of Comverse’s stock option plans that were approved by its shareholders.When the defendant’s conduct came to light, he attempted to obstruct justice by offering to bribe a witness to make false statements to federal investigators.
“We will continue to follow the evidence in all of our cases, wherever it may lead, and protect the investing public.”“Kobi Alexander thought he could outwit the law, not once, but twice.He also agreed to pay million to the company he founded, and dropped his countersuit for million in severance. Alexander and his family will continue their charitable work in Namibia," Brafman said in a statement.In 2010, he settled with the Securities and Exchange Commission for more than million, in what the agency billed as one of the largest settlements ever in an options back-dating case. "Specifically, since 2007, the Alexander family has financed and operated soup kitchens in Namibia that have served more than 750,000 nutritious meals to children in Katutura and Kuisebmond.The government promptly sought the defendant’s extradition.Law360, New York (December 18, 2009, PM EST) -- Comverse Technology Inc. Securities and Exchange Commission, Comverse said it had settled a consolidated shareholder class action pending in the U. District Court for the Eastern District of New York, along with consolidated derivative actions pending in the same court and in the New York...
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Escape to Africa With his own indictment looming in 2006, Alexander moved to Namibia, which had no extradition treaty with the United States.