CA settles as former CEO indicted
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Computer Associates has announced a deal with the US Department of Justice and the Securities and Exchange Commission that will solve the software vendor&#39;s accounting scandal.
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The former chief executive officer of American firm Computer Associates, Sanjay Kumar, has been charged with accounting fraud and obstruction of justice, the US government has announced.
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The former chief financial officer of Qwest Communications International Inc.  was ordered to pay a total of $577,052 to settle charges that she helped defraud investors of billions of dollars, the U.S. Securities and Exchange Commission said on Friday.
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Former Computer Associates International executives Sanjay Kumar and Stephen Richards have been indicted for their role in a companywide accounting fraud scheme. At the same time, the company agreed to pay $225 million in restitution to victims of the fraud.
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Computer Associates agreed Wednesday to pay $225 million to avoid criminal prosecution in a multibillion-dollar accounting scandal that has brought down several of its top executives.
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A former chief financial officer of credit card issuer Capital One Financial Corp. agreed to pay more than $1.8 million to settle insider trading charges, the Securities and Exchange Commission said yesterday.
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Former Computer Associates  International Inc. CA.N Chief Executive Sanjay Kumar pleaded  not guilty on Thursday to charges of securities fraud and  obstruction of justice after a two-year investigation into  accounting fraud at the company.
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Former Computer Associates International Inc. Chief Executive Sanjay Kumar was charged with directing a $2.2 billion accounting fraud, and the company agreed to pay $225 million to avoid prosecution and settle a regulatory suit.
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Former Computer Associates International Inc CEO Sanjay Kumar yesterday pleaded not guilty to charges that he was involved in CA&#39;s multibillion accounting fraud and then tried to cover up the scam from federal investigators.
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November 3, 2004 -- Two former vice presidents at Computer Associates International agreed to pay fines to regulators and return bonuses they received for their part in a $2.
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(InfoWorld) - The independent examiner overseeing CA Inc.'s financial reporting has been given a little more time to help the troubled software vendor. The U.S. attorney, the SEC, and the company agreed to extend the term of examiner Lee S. Richards, III, until May 1, 2007, CA said Thursday in a filing with the U.S. Securities and Exchange Commission. The term had been set to expire this Saturday. The extension was necessary, "given the control environment and commission-related material weaknesses" at the Islandia, New York-based company formerly known as Computer Associates Inc. Richards was appointed independent examiner in March 2005 and was chartered with overseeing CA financial reporting under a 2004 Deferred Prosecution Agreement between the company and the Federal Court for the Eastern District of New York. CA will escape prosecution if it agrees to pay US$225 million to a restitution fund to compensate victims of its fraud and takes various steps to strengthen its corporate governance and cooperate with government investigators. Richards is a partner with Richards Kibbe & Orbe LLP, a law firm based in New York. CA is trying to recover from a financial scandal that rocked the company and the extension was also granted as CA continues to reorganize its finance department under a new chief financial officer. Sanjay Kumar, the former CEO of CA, and Stephen Richards, the company's former worldwide sales head, both pleaded guilty to financial fraud charges in federal District Court April 26. They were accused of fraudulent accounting practices, including falsely reporting hundreds of millions of dollars in revenue for licensing agreements during fiscal quarters in which the deals had not yet been finalized. Other CA executives previously convicted of similar charges were preparing to testify against Kumar and Richards. CA's financial weakness was detailed in its annual report filed July 31, for the fiscal year ended March 31. The filing was delayed as the company conducted a review and restatement of its stock options granting practices. The restatement increased non-cash, pre-tax stock based compensation expense by an aggregate of $342 million for fiscal years 1996 through 2006, the company reported.
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Royal Ahold and its two former top executives reached a settlement on Wednesday with the S.E.C. in connection with a multibillion-dollar accounting scandal.
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Company says its chief executive reached a settlement with the SEC over allegations of securities violations in the trading of SINA stock.
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Federal prosecutors charged former Computer Associates chairman and chief executive Sanjay Kumar and a former sales executive with 10 counts each of securities fraud and obstruction of justice, as the company reached a multimillion-dollar agreement on
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The antitrust settlement between MicrosoftÂ and the Computer and Communications Industry Association (CCIA) announced earlier this month included a payment of $9.75 million to the CCIA's president, according to a report published Wednesday.
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A former chief executive of jewelry  retailer Friedman's Inc. was indicted on conspiracy and other  charges related to an alleged accounting fraud at the company,  U.S. prosecutors said on Friday.
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Computer Associates International, Inc. said yesterday that it would pay $225 million to settle investigations by the Department of Justice and the Securities and Exchange Commission.