Prison sentence in backdating scandal
- Share via
From Bloomberg News
Comverse Technology Inc.’s former general counsel, William Sorin, was sentenced Thursday to a year and a day in prison for participating in an alleged stock-option backdating scheme with former Chief Executive Jacob “Kobi” Alexander.
He is the first person to be sentenced in a nationwide government crackdown on option backdating, his lawyer said. Alexander is fighting extradition from Namibia, where he moved after he was charged.
Sorin, 58, agreed in January to pay $3.1 million to settle a Securities and Exchange Commission lawsuit. Comverse’s ex-finance chief, David Kreinberg, pleaded guilty to backdating charges and awaits sentencing.