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Posted by / 21-Jul-2017 08:50

The accusations against the three included the backdating of options to when Comverse stock had been trading at low prices, the use of fake names of option holders, and the creation of secret funds in which to hold the illicit gains.By then, Alexander had already fled the country and was classified a wanted fugitive in August 2006 by the US Federal Bureau of Investigation.

While over a hundred companies were investigated or charged with options backdating, Comverse was one of the most known cases, and in the words of a pair of financial writers, "Comverse was the poster child for stock option fraud." In 2009, the SEC settled its case with Comverse Technology; the company would not be subject to penalty fines over the backdating matter, but would accept a permanent injunction against itself regarding any future violations of law regarding publicly traded companies.Founded in 1982, the company went public on the Nasdaq Stock Market in 1986.Led by co-founder and CEO Jacob "Kobi" Alexander, the company originally specialized in centralized hardware/software systems for voice and fax messaging and sold them to telecommunications companies and other large enterprises.In 2006, Comverse was involved in an options backdating scandal.Alexander and two other top executives were charged in the US with multiple counts of conspiracy, fraud, money laundering and making false filings.

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In December 2001, a Fox News report raised the concern that wiretapping equipment provided by Comverse Infosys to the U. government for electronic eavesdropping may have been vulnerable, as these systems allegedly had a back door through which the wiretaps could be intercepted by unauthorized parties.