Comverse options backdating

comverse options backdating-1
This case serves as a reminder that the FBI's reach is global, and our commitment to seeing justice served doesn't stop at a border—out of sight will never mean out of mind, and we don’t let you get away that easily According to documents filed in this case, Comverse was a communications software company with offices in Woodbury, New York.Between 19, the defendant and his coconspirators engaged in a fraudulent backdating scheme using hindsight to select the issuance date of Comverse stock options, which they awarded to themselves and Comverse employees, and then lied about this practice to investors in public filings and elsewhere.Alexander’s plea deal prohibited the government from seeking any financial penalties beyond the million he has paid to settle civil claims relating to the options backdating.

This case serves as a reminder that the FBI's reach is global, and our commitment to seeing justice served doesn't stop at a border—out of sight will never mean out of mind, and we don’t let you get away that easily According to documents filed in this case, Comverse was a communications software company with offices in Woodbury, New York.Between 19, the defendant and his coconspirators engaged in a fraudulent backdating scheme using hindsight to select the issuance date of Comverse stock options, which they awarded to themselves and Comverse employees, and then lied about this practice to investors in public filings and elsewhere.

Alexander, 64, an Israeli citizen who founded digital voicemail pioneer Comverse in 1982, returned last year to plead guilty to securities fraud after fleeing to Namibia in 2006 to evade prosecution for backdating stock options and trying to bribe an underling to take the fall. Alexander claimed in a letter to the judge that he fled out of fear of a draconian sentence for a white-collar crime and fought extradition for a decade because he was “terrified” by seeing his name on a Most Wanted list with Osama bin Laden. He was also charged with obstruction for offering another executive a bribe to take responsibility for the scheme.

“I really don’t understand how someone as brilliant and accomplished and focused and respected as you could be so incredibly, abjectly foolish as to make some of the decisions you made,” said U. In brief remarks before the sentence was announced, Alexander, who has been jailed since his return to the U. last August, asked for leniency, telling the judge in a quiet voice that he was “truly sorry.” “I deeply regret my decision to run away instead of dealing with the justice system like I should have,” he said. Two other Comverse officials eventually pleaded guilty.

Jacob " Kobi'' Alexander, the former Comverse Technology Inc.

chief executive officer, right, confers with his lawyer, Louis du Pisani, while waiting for his case to be heard at the Windhoek Magistrate's Court in Katutura, Namibia, on Sept. The former Comverse Technology chief executive officer who authorities say fled to Africa a decade ago to avoid prosecution in a stock options scandal will return to the United States and plead guilty to a criminal charge, his lawyer said on Monday.

Jacob “Kobi” Alexander, 64, will plead guilty to one count of backdating stock options, the lawyer, Benjamin Brafman, said in an email.

The defendant had been arrested in Namibia in September 2006 after a global manhunt. Department of Justice did not immediately respond to a request for comment.

He had long been fighting extradition to the United States, where he was indicted on 35 charges that included securities fraud, money laundering and obstruction. In connection with a 2009 settlement of a lawsuit by Comverse investors, Alexander agreed to pay million to the software developer and waive more than million of claims against it. Comverse was bought out in 2013 by a former unit, Verint Systems (vrnt).

The next year, he reached a .6 million civil settlement with the U. Alexander’s expected plea was reported earlier by CNBC.

Today’s sentence represents the longest term of incarceration imposed by a court in connection with an options backdating scheme. CEOs and other members of the C-suite who commit crimes will be held to account to the full extent of the law.

For more than ten years, law enforcement pursued Kobi Alexander, and now he has finally been punished for his role in a securities fraud scheme,” stated United States Attorney Capers.

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