Backdating option scandal

On 27 September 2006, he was arrested in Namibia after hiding in Windhoek with his family, where he had bought a house at a country club.

If extradited to the US and convicted, he faced 25 years in prison.

The accusations against the three included the backdating of options to when Comverse stock had been trading at low prices, the use of fake names of option holders, and the creation of secret funds in which to hold the illicit gains.

By then, Alexander had already fled the country and was classified a wanted fugitive in August 2006 by the US Federal Bureau of Investigation.

Founded in 1982, the company went public on the Nasdaq Stock Market in 1986.

While over a hundred companies were investigated or charged with options backdating, Comverse was one of the most known cases, and in the words of a pair of financial writers, "Comverse was the poster child for stock option fraud." In 2009, the SEC settled its case with Comverse Technology; the company would not be subject to penalty fines over the backdating matter, but would accept a permanent injunction against itself regarding any future violations of law regarding publicly traded companies.

Comverse Technology, Inc., founded in Israel, was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software.

The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators.

Starting in the late 1990s, Comverse's voice messaging software became its main product and the company grew rapidly with the surge in mobile phone use, passing the

While over a hundred companies were investigated or charged with options backdating, Comverse was one of the most known cases, and in the words of a pair of financial writers, "Comverse was the poster child for stock option fraud." In 2009, the SEC settled its case with Comverse Technology; the company would not be subject to penalty fines over the backdating matter, but would accept a permanent injunction against itself regarding any future violations of law regarding publicly traded companies.

Comverse Technology, Inc., founded in Israel, was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software.

The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators.

Starting in the late 1990s, Comverse's voice messaging software became its main product and the company grew rapidly with the surge in mobile phone use, passing the $1 billion mark in revenues.

It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product.

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While over a hundred companies were investigated or charged with options backdating, Comverse was one of the most known cases, and in the words of a pair of financial writers, "Comverse was the poster child for stock option fraud." In 2009, the SEC settled its case with Comverse Technology; the company would not be subject to penalty fines over the backdating matter, but would accept a permanent injunction against itself regarding any future violations of law regarding publicly traded companies.Comverse Technology, Inc., founded in Israel, was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software.The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators.Starting in the late 1990s, Comverse's voice messaging software became its main product and the company grew rapidly with the surge in mobile phone use, passing the $1 billion mark in revenues.It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product.

billion mark in revenues.

It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product.

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