Ex-Comverse Chief Convicted of Fraud Will Serve Rest of Sentence in Israel

Deal approved to see Kobi Alexander serve the remainder of his 30-month prison term in Israel

FILE PHOTO: Former COMVERSE CEO Jacob "Kobi" Alexander (L) and his advocate Rudi Cohrssen (R)  leave the court in Windhoek, in this picture taken October 3, 2006.

Jacob “Kobi” Alexander, the Israeli convicted in New York for securities fraud, will serve the remainder of his 30-month prison term in Israel.

The United States, Justice Minister Ayelet Shaked and Public Security Minister Gilad Erdan approved his request on Thursday.

Alexander, who co-founded and led Comverse Technology, once one of Israel’s biggest high-tech companies, fled the United States in 2006 as he was about to be arrested for allegedly manipulating stock options in his company to maximize profits of option holders like himself, a practice known as backdating.

He remained a fugitive from justice before finally agreeing last year to turn himself in and was sentenced last February. Since then, he has been serving time in Allenwood penitentiary in Pennsylvania.

(Jasmin Gueta and Uri Tomer)