Comverse Technology’s former General Counsel, William F. Sorin, has been sentenced to 366 days in prison for securities backdating, in a plea-bargain made with the Brooklyn district attorney.

Sorin was also ordered to pay $52 million in damages, as compensations to stock holders who suffered losses by the securities backdating, which took place in 1998-2002. Payment of the damages is pending results of two other trials held against other suspects by the US Securities and Exchange commission.

Sorin, along with two other senior executives in Comverse Technology, CEO Kobi Alexander and former CFO (Chief Financial Officer) David Kreinberg, have been charged with earning millions of dollars illegal compensation through fraudulent back dating of stock options. Kreinberg previously pleaded guilty back in October 2006.

Alexander fled abroad during the investigation and was arrested last October in Namibia. The U.S. government is still seeking his extradition.

Commentary: Sorin earns the dubious distinction of being the first executive involved in the stock-option backdating scandal to be sentenced to prison. The restitution amount will likely be cut once the cases with the other defendants are resolved.

Humor is abound in the courts these days. In rejecting defense attorneys’ requests that Sorin be spared prison time U.S. District Judge Nicholas Garaufis asserted that Sorin wasn’t “the grand Wizard of Oz,” but said that “he facilitated a portion of it with his actions.” Perhaps he is the scarecrow?