skip to content »

emotion-dance.ru

Comverse technology backdating

comverse technology backdating-84

Mc Nulty and Director of the Division of Enforcement Linda Thomsen of the Securities and Exchange Commission (SEC), joined by U. The charges stem from a coordinated investigation led by the Department of Justices Corporate Fraud Task Force.Alexander, Krienberg and Sorin, all of whom resigned from Comverse on May 1, 2006, in the midst of an internal company investigation relating to options backdating, have been charged by criminal complaint filed in the Eastern District of New York with conspiracy to commit securities fraud, mail fraud and wire fraud.

comverse technology backdating-4comverse technology backdating-84comverse technology backdating-5

He had long been fighting extradition to the United States, where he was indicted on 35 charges that included securities fraud, money laundering and obstruction. In connection with a 2009 settlement of a lawsuit by Comverse investors, Alexander agreed to pay $60 million to the software developer and waive more than $72 million of claims against it. Comverse was bought out in 2013 by a former unit, Verint Systems (vrnt).It is unclear whether Deloitte, as Comverse’s auditor, will be held liable for any damages related to the suit.However, the idea of suing or calling into question the work of a third party — such as an independent auditor — that is not directly connected to the alleged fraud may be gaining steam.Deloitte has been Comverse’s independent auditor since 1994.In an e-mail response to CFO.com, Deloitte officials commented: “These are meritless claims filed by one individual who has already plead[ed] guilty to federal criminal charges and by another who has fled to Namibia to try to escape the American criminal justice system.The next year, he reached a $53.6 million civil settlement with the U. Alexander's expected plea was reported earlier by CNBC.

WASHINGTON Three former executives of Comverse Technology Inc.

In the latest example of an auditor’s work being tied to fraud allegations, former Comverse Technologies CEO Jacob “Kobi” Alexander and the company’s one-time legal counsel, William Sorin, are suing Deloitte & Touche in connection with the purported $57-million stock-option backdating scandal that came to light more than two years ago.

Alexander, who became a fugitive from the FBI when he allegedly fled the U. for Namibia, where he is living today, filed a law suit separate from Sorin’s suit against Deloitte in federal District Court in Brooklyn, N. In the complaints, Alexander and Sorin said that if they are held liable in the backdating case, Deloitte & Touche should bear some responsibility for damages, according to Knight Ridder/Tribune.

Sorin allegedly orchestrated the scheme by fraudulently backdating the options and operating a secret stock options slush fund.

The charges were announced by Deputy Attorney General Paul J. Mauskopf of the Eastern District of New York and Acting Assistant Director James Chip Burrus of the FBI.

We will continue to pursue misconduct in any boardroom where we find it. In addition, the SEC commenced a civil fraud and injunctive case against all three defendants for their roles in causing Comverse to publicly file false annual and quarterly financial reports and proxy statements from 1991 through 2005. As alleged in the complaint, from 1998 through 2001, Comverse adopted stock option plans designed to provide additional compensation for executives, including the defendants, and other employees.