Computer Associates

New York, NY: (Apr-14-07) Federal authorities filed suit against Computer Associates and former chief executive, Sanjay Kumar, accusing it of fraud related to the improper accounting of software license revenues during 1999 and 2000. Sanjay Kumar was sentenced in November 2006 to 12 years in prison for his role in the $2.2 billion accounting fraud, wherein he agreed to pay $52 million by the end of 2007 by liquidating his assets and an additional 20% of his annual income after he is released from prison. A US judge approved the payment of nearly $800 million to the victims of fraud at the computer software company. [NEW RATINGS: SOFTWARE FRAUD]

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Published on Apr-19-07