Re: former CA CEO gets jail time

Discussion created by ca.portal.admin on Nov 2, 2006
And I suppose Charles Wang had nothing to do with this?
He was there for most of year 2000 and was rewarded handsomely for C.A.'s
""tremendous performance"".
But I guess leaving C.A. got him out of the D.A.'s cross-hairs.
Who ever said ""Crime doesn't pay"".

----- Original Message -----
From: ""Chris Hoelscher"" <choelscher@HUMANA.COM>
Sent: Thursday, November 02, 2006 2:11 PM
Subject: former CA CEO gets jail time

CA's ex-CEO gets 12 years for fraud
Sanjay Kumar also fined $8 million for his role in $2.2 billion
accounting fraud at software company.
November 2 2006: 1:01 PM EST

NEW YORK (Reuters) -- Sanjay Kumar, the former chief executive of CA,
was sentenced to 12 years in federal prison Thursday for his role in a
$2.2 billion accounting fraud at the computer software company.
U.S. Judge Leo Glasser also fined the former executive $8 million.
Kumar's surrender date was set for Feb. 27.
He was also given three years of supervised release for each of eight
counts to which he pleaded guilty.
Kumar, 44, pleaded guilty to charges including conspiracy, securities
fraud and obstruction of justice in federal court in Brooklyn in April.
As part of the accounting scheme, Kumar improperly booked software
license revenue from 1999 to 2000 in order to meet Wall Street
analysts' profit expectations and then lied to investigators about it, the
government said.
Assistant U.S. Attorney Eric Komitee told the judge that Kumar's
actions represented ""the most brazen and comprehensive obstruction in
the modern era of corporate crime.""
His lawyers asked for leniency, citing Kumar's good works.
""This is not a case where the fraud affected the fundamental health of
the company,"" said defense attorney Robert Fiske. ""CA is still a
thriving company.""
CA, previously known as Computer Associates International, restated
its results for fiscal years 2001 through 2004 after Kumar left the
company in 2004.
The company agreed to pay $225 million in shareholder restitution and
continues to cooperate with the government as part of a deferred
prosecution agreement.
CA competes in the corporate software industry with BMC Software
(Charts) EMC (Charts) and IBM (Charts).
Shares of CA (up $0.32 to $25.02, Charts) rose 1.9 percent in
afternoon trade Thursday.

Chris Hoelscher
IDMS & DB2 Database Administrator
Humana Inc

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