Backdating Lands Former General Counsel in Prison

Lora Bentley

Just when you think it's fading into the background, the stock option backdating scandal rears its head again -- with a reminder that it's more pervasive and more serious than it might have appeared at first blush.

 

Late last week, former Comverse Technology general counsel William Sorin received the first prison sentence to be handed down in the stock option backdating scandal, CFO.com reports. He will start serving his 366-day term on August 15. The sentence follows his November conviction on one count of conspiracy to commit mail, wire and securities fraud.

 

Former Comverse CEO Jacob Alexander fled the country after he was charged in the matter, but he was arrested in October. The story says prosecutors are seeking to have him extradited.



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