Legit News
Former Computer Associates executive to pay $800 million in restitution
Sanjay Kumar, the former chief executive of Computer Associates, has agreed to pay almost $800 million in restitution to investors who lost money because of the company's accounting fraud. Kumar, who is scheduled to begin serving a 12-year prison term this month, will actually pay about $52 million this year, the majority of his and his family's assets. Most of the remaining restitution will probably never be paid, although when Kumar leaves prison the government will have the right to garnish 20 percent of his wages.
Kumar, once a part owner of the New York Islanders and one of the highest-profile executives on Long Island, pleaded guilty last year to a conspiracy to inflate Computer Associates' sales in 1999 and 2000 and to interfere with the subsequent federal investigation. As part of the conspiracy, Kumar lied repeatedly to investigators and even authorized paying $3.7 million to buy the silence of a potential witness.
Posted by | Fri, Apr 13, 2007 - 09:07 AM
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