Former CA Exec To Pay $29.7M

[HardOCP News]

The former head of sales at CA has been ordered to pay almost $30 million in restitution for his part in a $2.2 billion accounting scandal.

Stephen Richards pleaded guilty to conspiracy, securities fraud, perjury and obstruction of justice in April 2006 and was sentenced to seven years in prison in November. The money, along with about $800 million that former CA Chief Executive Sanjay Kumar was ordered to pay in April, is part of an overall $1.02 billion restitution settlement with victims of the fraud.

 

[ir0nw0lf]

I think we know what the CA means now: corporate arrogance. Glad to see someone getting bent over and paying the piper.

 

[wtiger]

I think he's getting off light they should take everything he has give it to the victims then stick him in jail for 20 years. Large scale corporate theft and the like is treated with kid gloves. They should really bend him over for it not just slap his wrists and spend a little time in jail. I mean who actually thinks he'll actually end up doing 7 years.

 

[Ockie]

You rob a bank for 10k and you get life....

 

[drizzt81]

The best part is how he is going to pay it back: 15% of his monthly income... what crap is that? Being sentenced should have serious implications for the perpetrator. I am sure that he has quite some assets. It's time for him to liquidate them to pay back the victims.