Stephen Richards, the former head of sales at
CA Inc, the company formerly
known as Computer Associates
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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements