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10 years later, indicted tech CEO pleads guilty to one count of securities fraud

Indicted Comverse Technology founder Jacob "Kobi" Alexander pleaded guilty to one count of securities fraud in a federal court in Brooklyn on Wednesday afternoon, almost exactly 10 years after moving to Africa in what the government says was a clear attempt to flee prosecution.

U.S. District Judge Nicholas Garaufis denied bail, arguing that Alexander's intelligence and guile are clear indications that he cannot be trusted. Alexander will be sent to a maximum-security facility between now and his sentencing on Dec. 16. He faces up to 10 years in prison.

After the hearing, lead defense attorney Benjamin Brafman told CNBC, "We are bitterly disappointed by the judge's ruling, but he's the judge and I'm not."

Defense attorneys argued he should be set free on $25 million bond pending his sentencing. In a court filing Monday, Brafman said Alexander is not a flight risk.

"It would be pointless for Mr. Alexander to come to the United States after spending 10 years in Namibia in order to plead guilty and only then to flee," Brafman wrote, adding that Alexander, 64, could have...