SEC goes after stock option fraud

Risk staff
01 Sep 2006

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The US Securities and Exchange Commission (SEC) has charged three executives with fraud over a long-running option backdating plan.

The SEC alleges that three executives at US telecommunications company Comverse - former chief executive Jacob Alexander, former chief financial officer David Kreinberg and former general counsel William Sorin - conspired to defraud shareholders by awarding themselves and others undisclosed options. The options were allegedly backdated to times when Comverse's shares

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