Ex-CA chief pleads not guilty to fraud
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This fourth priority&#39;s main focus has been improving or obtaining CRM and ERP software for the past year and a half. NEW YORK--Former Computer Associates International Chief Executive Sanjay Kumar pleaded
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The founder and former chairman of UMC was found not guilty of illicit investing in a Chinese chip maker.
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Computer Associates International Inc.  on Wednesday said it would pay $225 million to settle federal  accounting fraud charges, as the government accused its former  chief executive of obstructing its investigation.
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(InfoWorld) - Troubled systems management and security software vendor CA aims to get back on track in its current fiscal year after a series of unforeseen setbacks last year, its chief executive officer pledged to shareholders. "2006 was clearly a year of transformation," John Swainson told shareholders at the company's annual meeting in New York Monday, which was also webcast. "We didn't fully deliver on our expectations for 2006. Execution is the theme for CA in 2007." CA had to delay final filing fourth-quarter and full fiscal 2006 financial results twice due to internal stock options investigations and the impact of a new sales-commission plan. "It didn't reflect well on us a company," Swainson said. "Hopefully, it's all behind us." Focusing on the convergence of systems and storage management and on security management software as outlined in the company's Enterprise IT Management (EITM) strategy, Swainson hopes to grow CA from a US$4 billion company to $6 billion by 2009, he said. The watchwords for CA going forward are "unification and simplification," he added. CA spent over $1 billion on nine acquisitions during fiscal 2006, a practice Swainson doesn't see CA repeating in the near future. Instead, the vendor will make "much smaller" purchases in fiscal 2007 and work on integrating into its existing software the technologies it has already acquired, he said. CA continues to be a company haunted by its past. One unidentified shareholder asked why in all of CA's recent ups and downs, the vendor hasn't mentioned Charles Wang, the company's charismatic co-founder and former chairman and CEO and his remuneration from the firm. "Mr. Wang doesn't have an operational role at company," Swainson said. "I've never met with him in my nearly two-year tenure" at CA. Wang is a stockholder, but Swainson said he's unaware of any other involvement the former company head has with CA. Wang's successor at CA, Sanjay Kumar, resigned from the company in 2004 following questions about his role in an accounting fraud in which the vendor recorded revenue before contracts were finalized to beef up quarterly financial results. Kumar was indicted and pleaded guilty to financial fraud charges in April, along with codefendant Stephen Richards, previously head of worldwide sales at CA. The two men are due to be sentenced in October. CA reached a deferred prosecution agreement with the U.S. government in September 2004, requiring the company to pay $225 million to a restitution fund to compensate victims of the fraud. Another shareholder asked about the status of that arrangement. Last week, CA announced an agreement with the U.S. Attorney's Office for the Eastern District of New York and the U.S. Securities and Exchange Commission to extend the term of Lee Richards as an independent examiner overseeing CA's financial reporting until May 1, 2007. Richards' term had been due to expire last Saturday. "The company has largely met the agreements, but material weaknesses still exist," said CA Chairman Lewis Ranieri. "We're working on those areas and hopefully will end Richards' term even before May." CA has paid into the fund and its distribution is being finalized, he added. Ranieri directed CA shareholders to a special Web site -- http://www.computerassociatesrestitutionfund.com/ -- as the official source for information. At the meeting, CA shareholders elected all 11 members of the board to 1-year terms and defeated a stockholder proposal to put in place a poison pill designed to prevent a hostile takeover of the company. Â
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A former sheriff pleaded not guilty Monday to federal charges that he took part in a scheme to sell drugs seized from criminals along with 12 former and current officers.
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The former chief executive of Refco pleaded guilty Friday to conspiracy and fraud charges that carry a possible prison term of more than 300 years.
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The Japanese car maker and three former executives plead not guilty to charges of covering up a truck defect in an official report.
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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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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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An ex-employee of the US space agency, Nasa, has pleaded not guilty to charges he falsified reports of safety checks on the space shuttle Discovery.
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Livedoor boss denies securities law breach The unconventional internet businessman at the centre of a Japanese corporate scandal has pleaded not guilty to the charges against him by prosecutors.â¦
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Takafumi Horie, the former CEO of  Internet firm Livedoor Co. who came to symbolize a freewheeling  capitalism at odds with Japan's cozy corporate norms, pleaded  not guilty on Monday to charges of breaking securities law.
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A former NASA safety inspector accused of falsifying examinations of crucial parts on the space shuttle Discovery pleaded not guilty Friday in federal court, and his attorney called him &quot;meticulous in his work.
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The founder and former chairman of the world&#39;s second largest contract chip maker was found not guilty of investing in and transferring technology to a Chinese chip maker, a Taiwanese court said Friday.Taiwan&#39;s Hsinchu District Court said there wasn&#39;t enough evidence to prove wrongdoing in the government&#39;s case against Robert Tsao. A former vice-chairman of United Microelectronics Corp. (UMC), John Hsuan, and the head of a venture capital firm, Cheng Tun-chien, were also found not guilty in the case, the court said in a statement.The trio were&#160;indicted last year&#160;for allegedly investing in and transferring chip technology to Chinese chip maker He Jian Technology (Suzhou) Co. The executives and UMC repeatedly denied wrongdoing in the case. They have admitted to advising He Jian during its startup phase, but maintain that all help was within legal bounds. Prosecutors plan to appeal the verdict.Taiwan carefully controls chip investments to China, fearing it could lead to job losses on the island or that its technology could be used to bolster Chinese military might. The two separated in 1949 amid civil war, and Beijing has long threatened the use of force to take the island if it moves towards formal independence. Due to their strained relationship,&#160;Taiwan chip makers are required to receive government approval&#160;before investing in or transferring chip-related technology to China.The verdict is the second setback for the Taiwan government so far this year in its efforts to enforce regulations governing Taiwanese chip investments to China. In July, a Taipei court overturned an NT$5 million (US$154,000) fine against UMC, also citing a lack of evidence that it invested in He Jian.The court actions underline a rift among Taiwanese in their dealings with China. Some people on the island, which share linguistic and cultural ties to China, are working towards independence as a way to safeguard democratic reforms that have taken hold in Taiwan over the past two decades. Others view China as their homeland, and are working to ensure Taiwan unites with the mainland and takes part in its economic boom.Last year, UMC said a 15 percent stake in He Jian that the Chinese chip maker offered as payment for help establishing the company was put into a trust. The payment was part of UMC&#39;s efforts to make sure its shareholders benefitted from the growth of He Jian.UMC Chairman Jackson Hu has repeatedly referred to He Jian as UMC&#39;s partner in China, and said UMC will refer its customers to He Jian when they&#39;re looking for some chip work to be done in China.&#160;
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A federal judge declined to accept a guilty plea yesterday from a former software engineer at America Online Inc. who had been accused of stealing 92 million screen names and e-mail addresses of subscribers for use in an Internet marketing scheme.
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Takafumi Horie, the former CEO of   Internet firm Livedoor Co. who came to symbolize a freewheeling   capitalism that challenged with Japan's staid corporate norms,   pleaded not guilty on Monday to charges of breaking securities   laws.
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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.