Malyasia live cam free - Comverse backdating settlement

According to prosecutors, he wired more than million overseas in July 2006 as he was preparing to flee the country.

Previously a respected businessman, Alexander founded Comverse in 1982, but he resigned in the wake of the backdating scandal in May 2006.

The litigation was also a catalyst for the company to replace its CEO and CFO and revamp its executive compensation policies.

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The government had been trying to seize the holdings of two of Alexander’s investment accounts since he fled the country four years ago, but Alexander and his wife had been fighting the seizure.

Around the time that Alexander fled the country, dozens of technology companies — including Apple, Broadcom and Veri Sign — were forced to restate their financial results to take account of the backdating costs. And Alexander still has money, despite forfeiting the $46 million.

While stock options are designed to incentivize recipients to drive the company’s stock price up, backdating options to artificially low prices undercut those incentives, overpaid executives, violated tax rules, and decreased shareholder value.

Kessler Topaz worked with a financial analyst to identify dozens of other companies that had engaged in similar practices, and filed more than 50 derivative suits challenging the practice.

(“Comverse”), and his wife have agreed to forfeit over $46 million to the government to settle a civil forfeiture action.

Comverse is a publicly held technology company located in Woodbury, Nassau County, New York, that develops and markets telecommunications software. Lynch, United States Attorney for the Eastern District of New York, and Janice K.

In this settlement, Alexander and his wife have consented to the forfeiture of the two accounts in exchange for the government’s agreement to return the forfeited funds to Comverse, the victim of the charged crimes.

Comverse has committed to use the monies to settle shareholder litigation arising from the backdating scandal.

In the forfeiture litigation, the government sought to forfeit two investment accounts containing over million that it alleged were the proceeds of Alexander’s unlawful backdating scheme.

Alexander and his wife contested the forfeiture and twice moved to dismiss the government’s complaint.

The funds will go to Comverse, which will use them to settle shareholder suits related to the backdating allegations. The civil settlement does not affect Alexander’s status as a fugitive, and extradition proceedings are still pending to get him back to the U. S., and Alexander has remained in the African nation fighting in court against the prospect of being sent back to the U. In 2006, the SEC and federal prosecutors charged Alexander and other former Comverse executives, all of whom left the company that year, with a scheme to manipulate stock options for profit.

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