Lynch said money being forfeited will go to Comverse, for use in the shareholder litigation. The former Comverse Technology chief executive officer who authorities say fled to Africa a decade ago to avoid prosecution in a stock options scandal will return to the United States and plead guilty to a criminal charge, his lawyer said on Monday.The settlement, announced Tuesday, returns the money to Mr.Alexander's former company, Comverse Technology, which in turn will use it to settle shareholder lawsuits related to the backdating scandal.Alexander, 64, an Israeli citizen who founded digital voicemail pioneer Comverse in 1982, returned last year to plead guilty to securities fraud after fleeing to Namibia in 2006 to evade prosecution for backdating stock options and trying to bribe an underling to take the fall. Alexander claimed in a letter to the judge that he fled out of fear of a draconian sentence for a white-collar crime and fought extradition for a decade because he was “terrified” by seeing his name on a Most Wanted list with Osama bin Laden. He was also charged with obstruction for offering another executive a bribe to take responsibility for the scheme.“I really don’t understand how someone as brilliant and accomplished and focused and respected as you could be so incredibly, abjectly foolish as to make some of the decisions you made,” said U. In brief remarks before the sentence was announced, Alexander, who has been jailed since his return to the U. last August, asked for leniency, telling the judge in a quiet voice that he was “truly sorry.” “I deeply regret my decision to run away instead of dealing with the justice system like I should have,” he said. Two other Comverse officials eventually pleaded guilty.He has also agreed to pay a million fine to the Securities and Exchange Commission.Jacob “Kobi” Alexander, the former CEO of Long Island software firm Comverse Technology who fled to Africa to avoid fraud charges, was sentenced Thursday in Brooklyn federal court to 30 months in prison. When he fled, he allegedly misled his own lawyers and the government about his plans to return and secretly moved million overseas.
The Alexander case is one of the biggest arising from U. government investigations into options practices at more than 200 companies, and one of the last remaining criminal cases. All Funds on Deposit at: Citigroup Smith Barney Account No.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. I have always been an honorable man, but on these matters I acted without honor.” Alexander, who started the Woodbury software firm in 1982, disappeared and surfaced in Namibia in 2006 just before he was accused of backdating options for himself and other executives from 1998 to 2001 without disclosing the practice in annual reports.Although Alexander never cashed in his options, prosecutors said the scheme cost the company .8 million and led to its delisting as a publicly traded company, reducing the market capitalization by 0 million.He had long been fighting extradition to the United States, where he was indicted on 35 charges that included securities fraud, money laundering and obstruction. In connection with a 2009 settlement of a lawsuit by Comverse investors, Alexander agreed to pay million to the software developer and waive more than million of claims against it. Comverse was bought out in 2013 by a former unit, Verint Systems (vrnt).