Fugitive to pay $53m to US Regulators to Settle Civil Claims

Fugitive to pay $53m to US Regulators to Settle Civil Claims >

FROM THE -
JOURNALS of Monte Friesner ~ Friday November 26, 2010 

Financial Crime Consultant for WANTED SA >

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

Jacob "Kobi" Alexander, former CEO of Comverse Technology, who fled to Namibia in 2006, to avoid prosecution in a stock options backdating scandal, has settled* his civil liability with the Securities and Exchange Commission [SEC] for $53.6m. The payment, which includes $47m in disgorgement and a $6m penalty, will be paid through Alexander's funds seized by the United States, which will then be paid over to Comverse shareholders, who have pending litigation against the fugitive.

Alexander remains a fugitive; he is reportedly living an opulent lifestyle in the Namibian capital, Windhoeck, where he has has allegedly made substantial investments. Namibia currently has no extradition treaty with the United States.

 * SEC Litigation Release No, 21753, 23 November, 2010

NOTE: Articles detailing Alexander's Federal criminal case can be found in the World-Check Archives.

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WANTED SA thanks Mr. Kenneth Rijock of World Check and all the Parties, Law Enforcement and Securities forces who have contributed to this article and their sincere opinions and statements.

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