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Ex-CEO of Computer Associates sentenced to 12 years

 
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chandu



Joined: 17 Oct 2005
Posts: 814

PostPosted: Fri Nov 03, 2006 7:40 am    Post subject: Ex-CEO of Computer Associates sentenced to 12 years Reply with quote

Former chief executive of Computer Associates, Sanjay Kumar, was sentenced to 12 years in prison for his role in a $2.2 billion accounting fraud in the software company, which was among the top five at one time. Kumar was also fined $8 million but it was deferred till the court determines the restitution he should make to the victims of the fraud, which is expected to be known by February 2.

After serving the sentence, he will face three years supervised release. Kumar, 44, who immigrated from Sri Lanka, was among several executives of the company who are charged in connection of use of fraudulent accounting practices to inflate the sales to give the impression that the company was meeting quarterly expectations in 1999 and 2000.
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