Comverse backdating

14-Dec-2019 05:19 by 3 Comments

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In August, Alexander pleaded guilty to one count of securities fraud after a plea deal was reached.It’s still secret what arrangement was reached between Jacob Alexander, former founder and CEO of the Israeli voicemail company Comverse, and the U. But backdating stock options is like drawing the bulls-eye on the board after you shot the arrow.

(He fled Israel because Israel and the US have an extradition treaty.) Namibia is a huge arid nation, mostly desert, 40 times the size of Israel with just two million people.

The Israeli-born Alexander turned himself in to US authorities last year after fleeing to Namibia in 2006 to avoid prosecution for backdating stock options.

He has been under arrest in New York for the past six months after his parole request was denied.

His luxury townhouse was adjacent to a private airstrip, even though a Namibian judge had restricted his travel and Alexander theoretically faced certain arrest if he left the country.

By then, Alexander had pledged millions of dollars — lavish by Namibian standards — in aid to Namibian schoolchildren and new housing for the nation's impoverished townships. accused Alexander of using Comverse shareholder money to buy off the Namibian government, which his Namibian attorney flatly denied.

It’s known that when “Kobi” Alexander landed back in the United States last Wednesday after 10 years on the lam, he was detained – and instead of being released as he expected, he was kept behind bars because, the Brooklyn judge explained, he’s a flight risk. He became one of thousands of American market animals who were caught backdating stock options, which boiled down into ill-gotten gains – investors thought the executives were being rewarded for good performance.

The great majority of executives caught in the backdating scandals were fined; some were never charged at all.He is eligible for a one-third reduction for good behavior. In late June 2006, Alexander left the US for a vacation in Israel.His lawyers had arranged with US authorities that he would return to face indictment on July 31 for securities fraud related to the backdating of options for himself and some senior employees from 1998 to 2001.US DISTRICT Judge Nicholas Garaufis stared sternly at the defendant dressed in brown prison garb, in the dock of a Brooklyn courtroom, and said, “I really don’t understand how someone as brilliant and accomplished and focused and respected as you could be so incredibly, abjectly foolish to make some of the decisions you made.”The 64-year-old defendant, Jacob “Kobi” Alexander, an Israeli hi-tech visionary and founder of the once market-leading company Comverse, replied, “I’m truly sorry for everything I have done wrong.I deeply regret running away instead of dealing with the justice system like I should have.(One who rose above it without any damage to his reputation was Steve Jobs, though two other Applites were fined and had to pay millions.) Kobi Alexander may have suspected that Comverse would be handled differently because of the company’s size, and the extent of malfeasance associated with him.

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