David Kreinberg, the former CFO of Comverse Technology, pleaded guilty Tuesday to helping to engineer a scheme to illegally backdate million of dollars in stock options. Kreinberg, who has agreed to cooperate with prosecutors in the Eastern District of New York U.S. Attorney's office, is the first person in the country to plead guilty to illegally backdating stock options. He faces up to 15 years in prison and $1.2 million in fines when he is sentenced in February.
October 25, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
David Kreinberg, the former CFO of Comverse Technology, pleaded guilty Tuesday to helping engineer a scheme to illegally backdate millions of dollars in stock options.
“I knew at the time that my actions and agreements with others at the company to act as I have were wrong,” said Kreinberg at a court hearing Tuesday before Eastern District of New York Judge Nicholas G. Garaufis.
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