Seven years in jail after pleading guilty to financial fraud
Accountancy Age, 16 Nov 2006
Stephen Richards, 41, a New Zealander and former head of worldwide sales at Computer Associates, has been sentenced to seven years in jail for his role in the company falsely reporting hundreds of millions of dollars in revenue.
Richards pled guilty to financial fraud charges in April and was sentenced this week to 84 months in prison followed by three years' supervised release.
He will join Sanjay Kumar, the former chief executive officer of Computer Associates, behind bars - Kumar was sentenced to 12 years in prison earlier this month and fined $8m.
Richards and Sanjay Kumar both pleaded guilty to securities fraud charges including falsely reporting hundreds of millions of dollars in revenue before licensing agreements were finalized to beef up quarterly financial results.
Further reading:
CFO steps down at computing giant
Computer Associates executives plead guilty
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