Former CEO of Belgian software vendor Lernout & Hauspie Speech Products (L&H), Gaston Bastiaens, was arrested on Saturday in a Boston suburb on charges of financial fraud and stock-price manipulation.

A warrant for his arrest was issued by Belgian officials and exercised by US Marshals. Six Marshals, accompanied by one local police officer, arrested Bastiaens in the backyard of his home.

On Sunday, Bastiaens was being held in jail in Boston awaiting his initial appearance in US District Court on Tuesday. After Tuesday, he will face proceedings to extradite him to Belgium, said Timothy Bane, chief deputy at the US Marshals Service in Boston.

How long those proceedings will take is unclear, said Bane. If Bastiaens decides to fight extradition to Belgium, proceedings "could drag on for some time", he said. On the other hand, if Bastiaens decides not to fight extradition, the proceedings will be a formality, he added.

The arrest of Bastiaens is the latest twist in the L&H saga. Last month, Belgian authorities arrested the two founders of L&H, Jo Lernout and Pol Hauspie, along with former managing director Nico Wallaert, charging the three with stock-price manipulation and false accounting. Belgian officials filed similar charges against Bastiaens at the same time.