Comverse Counsel To Pay $3M In Fraud Case

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Comverse Counsel To Pay $3M In Fraud Case

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03-06-2007	#1 (permalink)
hallo Banned Join Date: Mar 2007 Posts: 10 Rep Power: 0	Comverse Counsel To Pay $3M In Fraud Case Former Comverse Technologies general counsel William Sorin will cough up $3 million to settle charges by the Securities and Exchange Commission that he helped in a fraudulent scheme to backdate options grants at the New York software firm. Sorin agreed to the settlement, filed late Wednesday, without admitting or denying the SEC's allegations. He pleaded guilty in November in a Brooklyn federal court to one count of conspiracy to commit securities, mail, and wire fraud. The settlement includes $1.6 million in disgorgement, $817,509.07 in interest and a $600,000 civil penalty. Prosecutors and the SEC are continuing to investigate options backdating at Comverse (nasdaq: CMVT - news - people ), particularly how ex-chief executive Jacob Alexander allocated options from an alleged secret slush fund. Alexander is in Namibia awaiting an extradition hearing. (See: "Kobi's Captured") Comverse's former chief financial officer, David Kreinberg, has already settled his own backdating charges.

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