Comverse technology backdating scandal
was sentenced Friday in New York to time served after cooperating with authorities in a stock options backdating probe of the software company. District Court for the Eastern District of New York. Former Comverse Chief Financial Officer David Kreinberg was sentenced by Judge Nicholas G. In October 2006, he became the first of three Comverse executives facing criminal backdating charges to plead guilty. 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.
Reyes, the former chief executive of the San Jose, CA-based data center infrastructure company, was found guilty on eight counts, including securities fraud and making false statements; however, he was acquitted on the charge of conspiracy.You'd think they'd be up to their eyeballs in rope.I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.Henning of Wayne State Law School in a blog about the Broadcom case going awry for the government. There were a number of factors, including damning testimony from witnesses who said former Brocade human resources executive Stephanie Jensen told executives not to send e-mails to each other or document anything about options backdating because their CEO, Reyes, did not want a paper trail. And it was a total fraud."The defense admitted that backdating and accounting mistakes took place, but argued that Reyes was not alone and did not knowingly commit criminal activity.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.