BusinessCompany NewsEx-Computer Associates CFO admits fraud

Ex-Computer Associates CFO admits fraud

The former chief financial officer of Computer Associates, along with two former vice-presidents, have admitted to illegally boosting the software maker's earnings.

Link: New CFO takes over at Computer Associates

Ira Zar, ex-CFO, and vice presidents David Kaplan and David Rivard, said they fraudulently booked millions of dollars of contracts.

The trio made this admission as part of a plea bargain, which follows a two-year investigation into claims that the the company beefed up its books by at least $0.5bn (£270m).

US Attorney Roslynn Mauskopf said the pleas represented ‘a major advance in our continuing effort to bring to justice those at Computer Associates who are responsible’.

Zar pleaded guilty to securities fraud and conspiracy to commit securities fraud and obstruct justice and faces as many as 10 years in jail.

Kaplan and Rivard admitted that they conspired to commit securities fraud and obstruct justice. They face up to five years in jail plus substantial fines.

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