Comverse technology backdating


03-Jun-2016 21:43

Alexander was chief executive of Comverse Technology Inc., a New York company that made voice-mail systems.

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.

Escape to Africa With his own indictment looming in 2006, Alexander moved to Namibia, which had no extradition treaty with the United States.

The agreement is the product of more than two years of sensitive negotiations between 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.Comverse was “probably one of the more egregious” offenders among companies accused of backdating stock options, Sutherland said.The practice could be compared with “gambling on last week’s races,” said John C.He made as much as 8 million by selling backdated company stock options from 1991 to 2001, according to news reports.

Federal prosecutors charged he tried to get another, unspecified person to take the blame for the alleged scheme by offering a bribe of as much as million or more, eventually telling the person, “name your price.” Comverse provides technology for telecommunications.Kreinberg also agreed to pay .4 million in an SEC settlement.