Former CA chief indicted; company reaches accord
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update Former CEO Sanjay Kumar is indicted as Computer Associates agrees to a $225 million settlement in an ongoing accounting probe.
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The former Chief Executive Officer of Computer Associates was indicted by a federal grand jury in New York Wednesday for allegedly participating in a massive fraud conspiracy and an elaborate cover up of a scheme that cost investors
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A former executive of CA Inc. was sentenced to 10 months of home confinement for conspiring to buy the silence of two people as part of a $2.2 billion fraud scheme.
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NEW YORK -- The former chief executive officer of Computer Associates pleaded not guilty Thursday to criminal charges stemming from a multibillion-dollar accounting scandal.
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Former Computer Associates International Inc. on chief executive Sanjay Kumar was charged on Wednesday with securities fraud and obstruction of justice stemming from a
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Two former top executives of Computer Associates International were indicted in Brooklyn on charges of accounting fraud, the Justice Department said today.
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Patricia C. Dunn, the former chairwoman of Hewlett-Packard, and four other people will be named in indictments being filed by CaliforniaÂs attorney general today in the spying case at the company, according to lawyers involved in the case.
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The former chief executive of software maker Computer Associates International was charged yesterday with securities fraud in a multibillion-dollar accounting
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CA's former head of worldwide sales will pay for his part in a major fraud scheme at the software company.
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Computer Associates has been without a permanent CEO since Sanjay Kumar stepped down in April. Kumar was indicted last month on charges related to accounting scandal at CA and has pleaded innocent to the charges.
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UPDATED Two former Hewlett-Packard executives, plus three others outside of the company were indicted with in California late Wednesday on four felony charges. Those named in the indictments include former chairwoman Patricia Dunn.
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WASHINGTON Sanjay Kumar, a former chief executive of Computer Associates International, and another former executive were indicted Wednesday in what US prosecutors called a &quot;massive fraud&quot; that inflated the company&#39;s sales by $2.
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Former Computer Associates International Inc. chairman and chief executive Sanjay Kumar has been charged with securities fraud, conspiracy and obstruction of justice in connection with a multibillion dollar accounting scandal at the software company.
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At first glance, it might seem as if software company Computer Associates International Inc. has cleaned up its act. Yes, its former CEO and another top executive were indicted last
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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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A federal court ordered Stephen Richards, head of worldwide sales at CA Inc.,  to pay $29.7 million in restitution to stockholders for his part in a major fraud scheme at the software company.
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Two ex-Computer Associates executives, including former chief executive Sanjay Kumar, have been charged with securities fraud, conspiracy and obstruction of justice relating to their alleged involvement in a multi-billion dollar accountancy scandal.