Skip to main content

Fugitive former Comverse (CMVT) CEO Kobi Alexander was apprehended in Namibia, according to media reports.

Alexander fled the U.S. after he was indicted last month on fraud charges tied to stock option backdating at the telecom gear company. He was being held pending extradition to the U.S.,

The Wall Street Journal


Scroll to Continue

TheStreet Recommends

Federal prosecutors in New York alleged Aug. 9 that Alexander, ex-finance chief David Kreinberg and onetime senior general counsel William Sorin sought to defraud shareholders by backdating options in a bid to "evade the accounting, disclosure and tax consequences of granting in-the-money options."

"The defendants backdated every company-wide grant between 1998 and 2001, and they backdated grants to new employees," according to charges filed by the U.S. attorney for the Eastern District of New York. "Alexander made millions of dollars in profits on paper as a result of these in-the-money grants, while Kreinberg and Sorin each made in excess of a million dollars in profits on paper."