Comverse backdating

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.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.HOWEVER, RATHER than face trial, he fled with his wife and children to the desert nation of Namibia, on Africa’s southwest coast, from where he felt he could not be extradited.(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.All I ask is, when you sentence me today, you pay attention to the good in addition to the bad…For the majority of my life, I lived honestly and worked very hard.” On February 23, Judge Garaufis sentenced Alexander to 30 months in prison for securities fraud involving backdating of options.

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I deeply regret running away instead of dealing with the justice system like I should have.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. 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.

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