Comverse backdating settlement

The SEC said it is continuing to investigate the Comverse case.

The stock option backdating scandal has ensnared almost 200 companies, according to company disclosures that have revealed internal investigations as well as probes by the SEC, Internal Revenue Service and Justice Department.

As part of his SEC settlement, Sorin agreed to surrender

The SEC said it is continuing to investigate the Comverse case.The stock option backdating scandal has ensnared almost 200 companies, according to company disclosures that have revealed internal investigations as well as probes by the SEC, Internal Revenue Service and Justice Department.

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The SEC said it is continuing to investigate the Comverse case.

The stock option backdating scandal has ensnared almost 200 companies, according to company disclosures that have revealed internal investigations as well as probes by the SEC, Internal Revenue Service and Justice Department.

As part of his SEC settlement, Sorin agreed to surrender $1.67 million in ill-gotten gains and pay a $600,000 civil penalty and $817,509 in prejudgment interest.

In November, Sorin pleaded guilty to one criminal count of conspiracy to commit securities fraud, mail fraud and wire fraud as part of a plea agreement.

That ended this week, with Alexander’s appearance before an unsympathetic federal judge.

The Securities and Exchange Commission today settled civil charges against Jacob “Kobi” Alexander, the co-founder and former Chairman and Chief Executive Officer of Comverse Technology, Inc., arising out of his role in the company’s long-running stock options backdating scheme.

A lawyer for Sorin did not immediately return calls for comment.

.67 million in ill-gotten gains and pay a 0,000 civil penalty and 7,509 in prejudgment interest.

In November, Sorin pleaded guilty to one criminal count of conspiracy to commit securities fraud, mail fraud and wire fraud as part of a plea agreement.

That ended this week, with Alexander’s appearance before an unsympathetic federal judge.

The Securities and Exchange Commission today settled civil charges against Jacob “Kobi” Alexander, the co-founder and former Chairman and Chief Executive Officer of Comverse Technology, Inc., arising out of his role in the company’s long-running stock options backdating scheme.

A lawyer for Sorin did not immediately return calls for comment.

In August, the commission said it had brought fraud charges against Sorin and Comverse's former chief executive, Kobi Alexander, and former finance chief, David Kreinberg, for manipulating stock option grant dates. Sorin and Kreinberg surrendered to the FBI immediately, and Alexander was captured in September in Namibia.Sorin created similar false records at Ulticom, another public company majority-owned by Comverse, the SEC said.Ulticom has said it was in the process of restating its historical financial statements for option grant accounting.Sorin and other executives were accused of reaping millions of dollars in profits by altering the grant dates of stock option awards from 1998 to 2002 to boost gains available to themselves and favored employees.The SEC said Sorin had created company records that falsely indicated Comverse's compensation committee had approved an option grant on a date when no such action had taken place.

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The name "Comverse" is a fusion of the words "communication" and "versatility".

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