namibiaA very long ten years ago – before the financial crisis, before the Euro crisis, before the Brexit vote — there was the options backdating scandal. The wave of litigation the scandal stirred up took its time to work its way through the system, but eventually the litigation was resolved and the scandal moved into the past. Even though the the scandal moved into the realm of history several years ago, there was one small but important unresolved item. The criminal case against Jacob “Kobi” Alexander, the former CEO of Comverse Technology, Inc., remained open, because shortly before he was about to be indicted, Alexander fled to Namibia. This strange but interesting chapter of the options backdating saga came closer to resolution last week when Alexander – back in the U.S. from his Namibian refuge — appeared in federal court in Brooklyn to enter a guilty plea to a single charge of securities fraud.
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