A New York judge is expected to consider an agreement today which calls for a
former chief executive to pay nearly $800m (£402,585,485.97) in restitution to
victims of accounting fraud.
Kumar, the chief executive of CA Inc. was also sentenced to 12 years in
federal prison last November for his role in the $2.2b (£1,1b) accounting fraud
at the software company.
Kumar improperly booked software license revenue from 1999 to 2000 to meet
Wall Street analysts’ profit expectations and then lied to investigators about
The company restated its results for the fiscal years 2001 to 2004 after he
left the New-York based company after a 20-year career.
He agreed to pay back $52m (£26m) by liquidating assets held by him and his
He will also be obliged to pay 20% of his annual income, upon release from
prison, to make up the rest of the restitution amount.
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