Comverse CEO arrested in Namibia
Jacob "Kobi" Alexander, former CEO of New York-based Comverse Technology, was to face an extradition request at a court in the Namibian capital Windhoek, the US attorney’s office in Brooklyn, New York, said. US officials said they were requesting Alexander’s extradition to the United States to stand trial on the charges set forth in an indictment unsealed after the arrest. The indictment also seeks 138 million dollars from Alexander in allegedly ill-gotten gains.
"The apprehension of Alexander follows an international manhunt led by the FBI, and the cooperation of the government of the Republic of Namibia," said US Attorney Roslynn Mauskopf in Brooklyn.
"We are very grateful for the Namibians’ swift action and commend them for their vigilance. We intend promptly to seek the return of the defendant to the United States to answer the serious charges now pending against him."
The indictment charges Alexander with "multiple criminal offenses stemming from the alleged stock options backdating and slush fund schemes, dating from as early as 1998 and extending into 2006," a statement by US officials said.
He is charged with conspiracy, two counts of securities fraud, eight counts of making false filings with the Securities and Exchange Commission, four counts of mail fraud, 14 counts of wire fraud, and three counts of money laundering. He faces up to 25 years in prison if convicted of securities fraud.
The charges are the latest in the burgeoning scandal over backdating of stock options, a means of increasing payments to key executives. Alexander and other executives at Comverse have been accused of improperly boosting the value of stock options they were awarded in company stock between 1998 and 2002.
Inet-Bridge
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