The settlement, announced Tuesday, returns the money to Mr.Alexander's former company, Comverse Technology, which in turn will use it to settle shareholder lawsuits related to the backdating scandal.He has also agreed to pay a $6 million fine to the Securities and Exchange Commission. Alexander and his wife had fought the government's action, but a court rejected his claims to the money because he was a fugitive." Jacob Alexander, the former chief executive of Comverse, who is forfeiting $47 million in a settlement of civil charges. p.m. and civil forfeiture actions is without any admission of fault on his part.'' The amount forfeited comes from two investment accounts that prosecutors said held the proceeds Mr. ''This case underscores the important role asset forfeiture plays in recovering stolen money from criminals and returning it to the victims of their crimes,'' Loretta E.| Updated Jacob Alexander, the one-time chief of a telecommunications software maker who fled to Namibia to avoid charges related to stock option backdating, has agreed to forfeit nearly $48 million to settle a civil action by federal prosecutors. and civil forfeiture actions and to put these matters behind him,'' said one of his lawyers, Jeremy H. ''Like the previous settlements of the other civil cases, the resolution of the S. Lynch, the United States attorney in Brooklyn, said in a statement.The settlement, announced Tuesday, returns the money to Mr. ''Alexander fled halfway around the world, but he was not able to escape the financial consequences of his crimes.'' Executives at many other companies have also been ensnared in backdating investigations, many of which have since been resolved through settlements or court cases.Alexander's former company, Comverse Technology, which in turn will use it to settle shareholder lawsuits related to the backdating scandal. Settlement Letter from Jacob Alexander This is a more complete version of the story than the one that appeared in print.He has also agreed to pay a $6 million fine to the Securities and Exchange Commission. Alexander went to Namibia in 2006 after authorities accused him and two other former Comverse executives of giving themselves backdated stock options and setting up a secret ''slush fund'' to hand out backdated options to favored employees. Alexander, an Israeli citizen known as Kobi, continues to fight his extradition. The settlement, announced Tuesday, returns the money to Mr.
But after the bubble burst, the company was among the first to be targeted in a sweeping federal investigation of options fraud. Comverse Technology survived until 2013, when it was bought out by a former subsidiary, Verint Systems.
Escape to Africa With his own indictment looming in 2006, Alexander moved to Namibia, which had no extradition treaty with the United States.