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The general counsel, who was also in on the scheme, drafted and signed off on the reports.( Options run out at Comverse, Richard Duprey (2006)) While they arrested 2 of the executives CFO David Kreinberg and former General Counsel William Sorin the kingpin of the racket CEO Jacob “Kobi” Alexander fled the police and was later tracked down to Sri Lanka leading to high drama.
Ethics of backdating options While backdating of stock options is considered as illegal by many there are still others who claim that it is perfectly legal.
If backdating is done with proper documents and intimation of other stock holders the very purpose of backdating is defeated.
Backdating is generally done to grant employees and favoured inviduals within the organisation an extra compensation without providing any necessary accounting or details in financial statements.
Later these were transferred to a fictional internal account of I. Fanton which supposedly stood for ‘Phantom Of the Opera’.
This allowed CEO and founder of Comverse Inc Alexander to transfer the stock options to himself and some other employees within the conspiracy thus earning huge profits and decieving shareholders and potential shareholders clearly showing that the intent was to commit a fraud and that intention was satisfied.