Former Israeli fugitive Jacob "Kobi" Alexander was finally sentenced to prison for securities fraud dating from the last century, ending a decade-long saga, the US Department of Justice announced Thursday.
The sentence of 30 months in prison ended a case that underscored the difficulties US authorities sometimes face in winning the extradition of defendants accused of financial and white-collar crimes.
The former head of the Nasdaq-traded communications software company Comverse Technologies, Alexander fled to Namibia in 2006 following a 35-count indictment for securities fraud. It took until 2016 for the United States to have Kobi extradited.
Legal practitioners say the United States often faces obstacles when seeking the extradition of defendants suspected of financial wrongdoing. Foreign courts frequently place a higher priority on violent and drug-related charges.
"For more than 10 years, law enforcement pursued Kobi Alexander, and now he has finally been punished for his role in a securities fraud scheme," Robert Capers, a federal prosecutor in Brooklyn, said in a statement.
In court in New York, Alexander pleaded guilty to a scheme to backdate stock options, realizing a $30 million paper profit on options he and co-conspirators had awarded to themselves.
In addition to his sentence, he agreed to pay $60 million in forfeiture and civil settlements, which authorities are using to compensate the company and shareholders.
Former Israeli fugitive Jacob “Kobi” Alexander was finally sentenced to prison for securities fraud dating from the last century, ending a decade-long saga, the US Department of Justice announced Thursday.
The sentence of 30 months in prison ended a case that underscored the difficulties US authorities sometimes face in winning the extradition of defendants accused of financial and white-collar crimes.
The former head of the Nasdaq-traded communications software company Comverse Technologies, Alexander fled to Namibia in 2006 following a 35-count indictment for securities fraud. It took until 2016 for the United States to have Kobi extradited.
Legal practitioners say the United States often faces obstacles when seeking the extradition of defendants suspected of financial wrongdoing. Foreign courts frequently place a higher priority on violent and drug-related charges.
“For more than 10 years, law enforcement pursued Kobi Alexander, and now he has finally been punished for his role in a securities fraud scheme,” Robert Capers, a federal prosecutor in Brooklyn, said in a statement.
In court in New York, Alexander pleaded guilty to a scheme to backdate stock options, realizing a $30 million paper profit on options he and co-conspirators had awarded to themselves.
In addition to his sentence, he agreed to pay $60 million in forfeiture and civil settlements, which authorities are using to compensate the company and shareholders.
