Likewise, in a case involving Comverse Technology Inc., the U. Attorney charged the former CEO, the former CFO, and the former General Counsel with violating securities laws.
In that case, corporate officers inserted backdated option grant dates into board of directors’ unanimous written consents that were transmitted to the compensation committee.
Former CEO Jacob “Kobi” Alexander will pay $60 million.
The Securities and Exchange Commission previously settled with William Sorin, former general counsel for Comverse Technology, on civil fraud charges relating to his part in an options backdating scheme (see Former Comverse Counsel Settles on Backdating Charges).
Not surprisingly, the defendants themselves earned millions of dollars from backdated options.