BusinessCompany NewsEx-CA executive to pay £15m for role in scandal

Ex-CA executive to pay £15m for role in scandal

Former head of sales to pay restitution bill

Stephen Richards, the former head of sales at
CA Inc, the company formerly
known as Computer Associates
will
pay $29.7m (£15m) in restitution for his role in the $2.2bn (£1.1bn) accounting
scandal
at the software company.

The agreement was approved by a US federal court this week after Richards
pled guilty in April last year to conspiracy, securities fraud, perjury and
obstruction of justice and was sentenced to seven years in prison in November.

While an enormous amount by most standards it pails in comparison to the
$800m that former CA chief
Sanjay Kumar
was ordered to pay in April as part of an overall $1.02bn
restitution settlement with victims of the fraud.

CA restated its results for fiscal 2001 through 2004 after Kumar and Richards
left the company.

Further reading:

Remaining charges against CA Inc dismissed

CA goes after co-founder following fraud report

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