Former Comverse Execs Charged With Backdating

Law360, New York (August 9, 2006, 12:00 AM EDT) -- Three former executives of software company Comverse Technology were charged on Wednesday with orchestrating a stock options scheme that reaped millions in profits, the Department of Justice said.

The executives backdated stock options, a practice in which the dates stock option grants are given are revised to maximize share value for the grant’s recipient, and operated a secret stock options slush fund, according to the DOJ.

Charges were issued against the founder and former chief executive officer Jacob “Kobi” Alexander, former chief financial officer David Kreinberg...
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