Computer associates backdating
Federal prosecutors and Securities and Exchange Commission investigators have steadily moved toward Mr. Richards and a spokesman for federal prosecutors in Brooklyn did not return calls Tuesday evening. Top executives then conspired to lie to prosecutors and lawyers hired by the company about the practice of backdating, according to the earlier pleas. Woghin's plea was listed Tuesday afternoon on the court docket for Judge I. When the monitoring period ends, all charges against the company will be dismissed with prejudice, a legal term that means they cannot be refiled.
Kumar, who was the company's chief executive from August 2000 to April 2004. Leo Glasser, the federal district court judge who oversees the case. The details of the deal, known as a deferred prosecution, will be described today before Judge Glasser.
Steven Woghin, the former general counsel of Computer Associates, will plead guilty today in Federal District Court in Brooklyn to criminal charges stemming from a two-year investigation into the company's accounting practices, people close to the case said yesterday. Woghin is expected to clear the way for prosecutors to move against Sanjay Kumar, the company's former chief executive, and Stephen Richards, its former vice president for sales, who have been the focus of the federal investigation. The company and prosecutors have also reached a deal under which Computer Associates will temporarily accept an outside monitor and pay restitution to shareholders in return for the resolution of the investigation. Woghin would join several other former Computer Associates executives who have pleaded guilty this year to charges of obstruction of justice or securities fraud and have agreed to cooperate with prosecutors to avoid lengthy prison terms. In the earlier pleas, former executives depicted a wide-ranging conspiracy at the company to backdate contracts so that Computer Associates, the world's fourth-largest software company, would meet Wall Street's forecasts for profit. Computer Associates will also continue to cooperate with the government as it investigates Mr. If the monitor finds that Computer Associates has not kept its promises, prosecutors have the right to move forward with an indictment, these people said yesterday.
Richards are expected to be indicted shortly, lawyers involved in the case said yesterday. said in a civil complaint that he had told another employee to respond "with half-truths and vague answers" to lawyers from Wachtell, Lipton, Rosen & Katz, the law firm hired by Computer Associates to investigate its accounting practices. In return, Computer Associates has agreed to pay more than 0 million in restitution to shareholders who lost money because of the fraud and to accept outside monitoring of its accounting practices for about two years, these people said.
His wife and five children have been living in Australia since August 2006, Zornow said.
He began serving a seven year sentence in February 2007 at Taft Correctional Institution in Taft, California.
A lawyer for the company, Robert Giuffra, said he could not comment.
According to the Committee of Sponsoring Organizations on the Treadway Commission (COSO), this type of fraud is one of the most commonly seen financial statement frauds and is also the quickest way to overstate earnings (Newquist, S.
The former legal counsel for Mc Afee is facing federal charges of improperly backdating stock options at the security software company.
Kent Roberts, 50, of Dallas, was indicted Tuesday by a federal grand jury on seven counts of fraud for improperly backdating options between 20, according to a statement from the U. Attorney's Office for the Northern District of California in San Francisco.
The government also says that Roberts altered board meeting minutes to change the date on which options were granted to the company's then-CEO and chairman. 15, 2002, when the stock closed at US.19, to Jan. The greater the difference between the lower options price and the higher market price when the executive exercises the option, the greater the profit.
Roberts is scheduled to be arraigned Thursday before Federal Magistrate Judge Joseph C. Roberts' attorney Neal Stephens could not be reached for comment.