Fugitive tech CEO expected to plead guilty in fraud case

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Fugitive fraudster Jacob (Kobi) Alexander, who is scheduled to return to the USA from Namibia on Wednesday to plead guilty to securities fraud after being on the lam for a decade, will try to convince a Brooklyn judge to release him on $25 million bail.

Alexander, charged with backdating millions in stock options and trying to bribe an underling to take the fall, waived extradition under a plea deal and is scheduled to plead guilty Tuesday afternoon in Brooklyn federal court to one count of securities fraud.

Alexander disappeared in 2006 while under investigation in a scheme to pocket millions of dollars by secretly manipulating stock options for his company, voicemail software maker Comverse Technology Inc.

Defense attorney Benjamin Brafman said Alexander would plead guilty to one count "relating exclusively to backdating" and would seek release on a $25 million bond secured with $10 million in cash. He said he was hopeful Alexander would get a lenient sentence.

Assistant U.S. Attorney James Loonam stated in a letter to Federal Judge Nicholas Garaufis that the government opposes Alexander's release on bail.

Alexander, 64, moved to Namibia before he was formally charged in 2006 in a scheme involving the backdating of stock options at Comverse. He turned up in the Republic of Namibia, where he lived comfortably with his family while fighting extradition.

Over the years, Alexander bought a home in Namibia and invested in local businesses.