The fugitive former chief executive of Comverse Technology Inc., has been caught in Sri Lanka, according to published reports crediting Ma’ariv, the Israeli daily.
Jacob “Kobi” Alexander was hunted down by a private Israeli investigator after he made a one-minute phone call through Skype, an internet telephone service, according to the Jerusalem Post, citing its rival paper’s report.
According to a study by Erik Lie, a finance professor at the University of Iowa, more than 2,000 companies used options backdating in some form to reward their senior executives between 19.
The SEC’s opinions regarding backdating and fraud were primarily due to the various tax rules that apply when issuing “in the money” stock options vs.
The judge also ordered Sorin to pay .8 million in restitution, the government's estimate of the total losses incurred by the company through the overall backdating activity.
However, the judge stayed payment of the restitution because the case against other defendants is continuing.
Sorin wasn't "the grand Wizard of Oz," the judge said. executive to be sentenced in an options case, he asked the judge to consider the facts and not to treat the sentencing as in punishing children, in which "one treats the first child more firmly than those who come later." Options backdating has been under scrutiny throughout corporate America.
The former top lawyer at software maker Comverse Technology was sentenced on Thursday to a year and one day in prison for his role in a stock options backdating scheme, becoming the first corporate executive to be sentenced for options-related crimes. Y., to one criminal count of conspiracy to commit securities fraud, mail fraud and wire fraud as part of a plea agreement. Comverse's former chief financial officer, David Kreinberg, also has pleaded guilty to conspiracy and securities fraud. "But he facilitated a portion of it with his actions." Defense attorney Paul Shechtman said his client, a 58-year-old graduate of Harvard Law School, was a fundamentally decent person who made a mistake. More than 180 companies have been investigated by U. authorities or have conducted internal inquiries into possible manipulation of option grant dates, while dozens of U. executives have resigned in the storm over options practices.
William Sorin, the company's former general counsel, had pleaded guilty in U. Sorin and two other Comverse executives were accused of reaping millions of dollars in profits by from 1998 to 2002 to boost gains available to themselves and favored employees. Alexander is in Namibia as that government considers a U. Sorin told the judge in brief remarks that he made no excuses for his conduct.
SLOAN: Well with Apple and also with Microsoft, which is also involved with this, these are real companies and it looks to me like at Microsoft that was just a policy that somebody in personnel or somewhere did the options at the lowest price of the month that people signed up or something like that. In the case of Apple I think it's something similar where there was a policy.
But something like Comverse, that was a whole different game. Someone at a college whose name escapes me did a study somehow figuring out statistically that his must have happened and either they called the Wall Street Journal or the Wall Street Journal called them and the Wall Street Journal started calling around and broke the story. It's a result of academe, you know which I normally mock of course.