Former Computer Associates CEO pleads guilty to securities fraud, perjury charges

[JURIST] Former Computer Associates [corporate website] CEO Sanjay Kumar pleaded guilty Monday to charges [press release; JURIST report] of securities fraud, perjury and obstruction of justice in connection with allegations that the company improperly booked $2.2 billion in revenue in 1999 and 2000. Kumar and former CA sales head Stephen Richards, who also pleaded guilty Monday, initially pleaded not guilty [JURIST report] in September 2004. Kumar apologized for his actions, telling the court that he recognized his conduct was wrong. Kumar and Richards will be sentenced in September.

No reason has been given for the change in plea, but another former CA executive, Tommy Bennett, was arrested [KRT report] last week on charges relating to the accounting fraud. Reuters has more.

 

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.