Comverse backdating scandal
District Judge Nicholas Garaufis rejected defense attorneys' requests that Sorin be spared jail time, saying that while he was not the mastermind of the options scheme, he helped carry it out.
Sorin has admitted knowing that the company was issuing backdated options and did nothing to stop the practice.
The latter leading to speculation as to whether this investigation ever led to any proof that subsequently may have been hushed up.
Because of the accounting issues from Comverse's option backdating, Comverse was unable to file timely financial reports with the SEC.
The judge also ordered Sorin to pay .8 million in restitution, the government's estimate of the total losses incurred by the company through the overall backdating activity.
However, the judge stayed payment of the restitution because the case against other defendants is continuing.
(Pink Sheets: CMVT), originally founded in Israel, is a technology company located in Woodbury, Nassau County, New York, which develops and markets telecommunications software.
Paragraph 1 and 66 are extracts from the Complaint document. The first scheme involved improper backdating of Comverse stock options.
Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! In 2006, Comverse was involved in an options backdating scandal.
Founded in 1982, the company focuses on providing value added services to telecommunication service providers, in particular to mobile network operators.
In its article, Le Monde claims to have taken note of the whole script in this investigation.
Based upon it, le monde concludes: Comverse is suspected of having introduced into its systems of the "catch gates" in order to "intercept, record and store" these wire-taps.