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Traces of Greed 11/24/2010 10:28:09 AM
The Greed Corner news article A few days have gone by since I posted in the greed Corner. Here is a new one.
Wall Street Journal Nov 24 by Chad Bray
Jacob "Kobi" Alexander, the software executive who fled the U.S. while facing charges for backdating stock options, has agreed to pay more than $53 million to end civil actions by U.S. prosecutors and regulators. Mr. Alexander, the former chairman and chief executive officer of Comverse Technology, Inc was accused in 2006 by federal prosecutors in Brooklyn in engaging in a scheme to backdate millions of stock options for himself and others. He is also accused of secretly awarding backdated options to favored employees.
More than a dozen people have been convicted of criminal charges related to backdating since 2006. Mr. Alexander didn't admit or deny wrongdoing in either settlement.
