Family dollar stock option backdating

25-May-2020 13:06

Jacob "Kobi'' Alexander, the former chief executive of Comverse Technology Inc., waiting for proceedings to begin in the magistrates court in Windhoek, Namibia, on July 9, 2007.Photo Credit: Bloomberg News / Naashon Zalk Jacob “Kobi” Alexander, the former chief executive of a Long Island-based technology company who fled the United States after he was charged with masterminding a multimillion-dollar stock option fraud, is expected to face justice after 10 years in Namibia.Chief financial officer David Kreinberg was sentenced to time served, which amounted to several hours he spent in custody after his 2006 arrest, Edward Mc Donald, Kreinberg’s attorney, said.Kreinberg also agreed to pay .4 million in an SEC settlement.

The practice could be compared with “gambling on last week’s races,” said John C.“You’ve built in a [per share], immediate gain,” Coffee said.Verint Systems Inc., based in Melville, was once a Comverse subsidiary, and became independent in 2013.Brafman said he does not know what sentence Alexander can expect. Alexander was at the helm of Comverse when he was charged criminally in federal court with conspiracy, wire fraud, money laundering and obstruction of justice.He made as much as 8 million by selling backdated company stock options from 1991 to 2001, according to news reports.

The practice could be compared with “gambling on last week’s races,” said John C.

“You’ve built in a [per share], immediate gain,” Coffee said.

Verint Systems Inc., based in Melville, was once a Comverse subsidiary, and became independent in 2013.

Brafman said he does not know what sentence Alexander can expect. Alexander was at the helm of Comverse when he was charged criminally in federal court with conspiracy, wire fraud, money laundering and obstruction of justice.

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.