The Securities and Exchange Commission recently settled civil fraud charges against the former general counsel of Comverse Technology Inc.
The settlement is one of the agency’s first in its ongoing investigation into the practice of backdating stock options.
Under the agreement, William F. Sorin will pay $3 million in civil penalties, disgorgement, and prejudgment interest, and agree to a permanent injunction, a permanent bar from serving as the officer or director of a public company, and suspension from appearing or practicing before the SEC as a lawyer.
Sorin and two other former Comverse executives were charged in August 2006. According to the SEC, Sorin created false company records to cover up backdating schemes at both Comverse and its subsidiary, Ulticom Inc.
Sorin neither admitted, nor denied the allegations.
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