Comverse options backdating Belfast uk free sex chat

He also explains that he relied on the advice of experts such as lawyers and accountants regarding his former company’s options awards, according to his lawyers, reported Bloomberg. Alexander relied on lawyers and accountants to draft Comverse’s disclosures and to prepare its financial statements,” noted the wire service. law enforcement officials are seeking his extradition to face 35 criminal counts.

Alexander is currently living in Namibia, free on bail after being arrested last September. A recent extradition hearing was postponed until July 9 after Alexander appointed two lawyers from South Africa who didn’t have work permits to practice in Namibia, said Bloomberg.

Following his plea, the 64-year-old Israeli citizen’s lawyers sought his release on a million bond pending his Dec. Benjamin Brafman, Alexander’s lawyer, said he was “bitterly disappointed.” It was unclear if Alexander would appeal. In backdating, a company retroactively grants stock options on dates when stock prices are lower, making them more valuable.

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Alexander’s lawyers noted that “The charges relate to the disclosure and accounting treatment of the options,” noted Bloomberg.

The attorneys compared the case to that of Apple’s chief executive Steve Jobs, who was cleared by the Securities and Exchange Commission of backdating, added Bloomberg.

Reyes and other former executives, who repeatedly granted backdated stock options, misstated compensation expenses, and concealed the conduct by falsifying reported income from 1999 through 2004.

The SEC said that Reyes routinely provided extra compensation to employees by granting valuable in-the-money stock options for which a financial statement expense was required.

Between 19, Alexander and his co-conspirators engaged in a fraudulent options backdating scheme to select the best issuance date of Comverse stock options, which they awarded to themselves and other Comverse employees.

By backdating options, Alexander and his co-conspirators violated accounting rules and caused Comverse to overstate its profits.We are confident that these claims will be disposed of in short order by the Court.” In the original suit against Comverse executives, lead plaintiff and Comverse investor the Menorah Group charged that Alexander, Sorin, and other officials, including former chief financial officer David Kreinberg, had falsified financial statements to inflate the company’s stock price and to mislead investors about the true condition of the company.“Central to the alleged fraud was a stock option backdating scheme, in which Comverse granted undisclosed ‘in-the-money’ stock options to its employees by backdating its stock option grants,” noted court documents.“Alexander is neither a lawyer nor an accountant,” reiterated the attorneys. Sorin, former general counsel of Comverse, became the first executive involved in the stock-option backdating scandal to be sentenced to prison.Sorin, who last November pleaded guilty to a single criminal count of conspiracy to commit securities fraud, mail fraud, and wire fraud, was sentenced to one year and one day in prison, plus three years’ supervised release. Last July, reported that there is no statute that explicitly outlaws backdating stock-option grants.Extradition proceedings were still pending when Alexander reached a deal in May to return to the United States to plead guilty to the single count. In court, Brafman said Alexander returned “so he would have this nightmare behind him.” Alexander’s effective exile forced him to attended his parents’ funerals by Skype, he said.

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