Ex-CEO Admits to Fraud After Decade on Lam in Africa

From Bloomberg

The former chief executive of Comverse Technology Inc. who hid in Africa for a decade pleaded guilty to backdating stock options and was jailed immediately by a U.S. judge who said the defendant’s intelligence and guile meant he couldn’t be trusted to return to court.

Jacob "Kobi" Alexander, 64, returned to New York Wednesday from Namibia to face federal charges originally filed in 2006. While he had faced 35 counts related to the backdating of stock options, Alexander pleaded guilty to one count of securities fraud and asked the judge to let him out on bail until his Dec. 16 sentencing.

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