It’s been nearly a decade since ex-Comverse Technology Chairman Jacob "Kobi" Alexander fled to Namibia to avoid facing jail time from his 2006 fraudulent stock options case. The former CEO was indicted on 35 counts for allegedly engineering a 15-year scheme manipulating value of millions of dollars' worth of Comverse stock options upon uprooting his family to Namibia, a country that does not follow US extradition treaty guidelines.
However, Alexander is set to finally return to the U.S. and face charges after two years of negotiations between the Justice Department, Alexander’s attorneys and Namibia government officials, CNBC reported.
According to the news site, Alexander is scheduled to appear Monday before a Namibian judge, wrapping up proceedings to clear his return to New York City where he will enter a guilty plea on Wednesday.
Along with stock option fraud, Alexander was accused of money laundering after it was discovered he moved millions of dollars to personal accounts in his native country Israel. He was also found guilty of bribery and witness tampering after he allegedly tried to persuade Comverse’s chief financial officer to take the fall for the scandal.
Two other top Comverse executives pleaded guilty to similar charges during the height of the case.
Despite living in Namibia, Alexander has since paid back millions in fines to the U.S. to resolve many of the lawsuits initiated during his trial. He was initially order to pay out $60 million to Comverse. However, in 2010, the tech chairman coughed up a $53 million settlement with the Securities and Exchange Commission, which was considered to be the one of the largest settlements ever in an options back-dating case.
While living in the Namibia he's made generous contributions to the country and has been credited with providing thousands of children with access to healthy meals through the various soup kitchens he and his wife, Hanna Alexander, have launched. The couple has also funneled money into Namibia’s educational programs and helped create housing in many of the nation’s impoverished townships.
"Notwithstanding his departure from Namibia, Mr. Alexander and his family will continue their charitable work in Namibia," Benjamin Brafman, Alexander’s lawyer, said in a statement. "Specifically, since 2007, the Alexander family has financed and operated soup kitchens in Namibia that have served more than 750,000 nutritious meals to children in Katutura and Kuisebmond. These soup kitchens will continue to operate, employing seven people and feeding 700 children each day."
Comverse Technology, the company responsible for the creation of voicemail was considered one of the most successful companies during the 90s tech boom. The company survived until 2013 when it was bought out by Verint Systems.
It is unknown how much prison time, if any, Alexander may be expected to face at this time.