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Stephen Richards

New York, NY: (Jun-05-07) In charges filed against Stephen Richards, 42, CA Inc.'s former top sales executive, the suit claimed that he was guilty of securities fraud, conspiracy and lying to investigators regarding his role in a $2.2 billion accounting fraud at the software maker. Richards is serving a seven-year prison term after being sentenced in November 2006 to three years supervised release for his role in fraudulently inflating sales revenue.

In a settlement reached, Richards agreed to pay $29.7 million in restitution to investors. He also claimed that he's jointly and severally liable for restitution owed by ex-CA Chief Executive Officer Sanjay Kumar, 45, who also pleaded guilty last year to directing the fraud at the Islandia, New York-based CA. Kumar agreed to pay $52 million to investors by 2009 as part of a larger settlement with federal authorities. The accord he reached with prosecutors in April 2006 makes him liable to repay $798.6 million for leading the accounting fraud at CA, formerly known as Computer Associates International Inc. [BLOOMBERG: CA ACCOUNTING FRAUD]


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Published on Jun-6-07


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