If you're in some financial trouble, looks like the African country of Namibia is a popular destination. Just ask former CEO of Comverse Technology Jacob Alexander and American actor Wesley Snipes.
Alexander, who is accused of a scheme to steal millions of dollars by secretly manipulating stock options, fled to the country where he was spotted last month. The U.S. government reportedly has filed extradition orders for Alexander but according to the Wall Street Journal the U.S. has no extradition treaty with Namibia, but can pursue his return through the courts. If Alexander is sent back to the U.S., he faces a 35-count indictment that includes charges of securities fraud, money laundering and bribery. According to the criminal complaint, from 1991 through 2005, Alexander exercised options and sold stocks worth about $150 million, making a $138 million profit. About $6.4 million from that profit was generated by backdating options to a low point in the stock’s value. If convicted, Alexander faces up to 25 years in prison. His cohort, former chief financial officer of Comverse, David Kreinberg, plead guilty to securities-fraud charges in federal court Oct. 24, according to the Wall Street Journal. His testimony could prove damaging to Alexander.
Coincidently, Snipes has been in Namibia since August shooting a horror film "Gallowalker" — a likely straight-to-video title based on the other films from the little known director Andrew Goth. Snipes was indicted last week on eight counts of tax fraud over allegations he illegally claimed tax refunds of $12 million. Namibia has not received an extradition order from the U.S. — Gerald Magpily
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