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September 27, 2006

Comverse Technology CEO Manhunt Ends in Africa

posted by MR WAVETHEORY at 9/27/2006 03:54:00 PM
The Feds are very serious about stock options backdating. The CEO of Comverse Technology (Nasdaq CMVT) took off and left for Namibia before the Feds caught up with him.
After a two-month international manhunt, the indicted former chief executive of leading voicemail-software maker Comverse Technology Inc. was captured on Wednesday in southwest Africa, U.S. officials announced Wednesday.

Authorities in the Republic of Namibia, acting on information from the FBI, arrested Jacob "Kobi" Alexander in the country's capital of Windhoek, where he was living as a fugitive with his family. U.S. officials were expected to ask for his extradition at a hearing on Thursday so he could face charges in Brooklyn alleging he hatched a scheme to pocket millions of dollars by secretly manipulating stock options.
The CEO apparently made over $150 million from stock options.
From 1991 through 2005, Alexander exercised options and sold stocks worth approximately $150 million, making a $138 million profit, according to the complaint. Of that, about $6.4 million was generated by backdating options, it said.

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