Kumar Ordered to Pay $1 Billion
Sanjay Kumar, the former CEO of Computer Associates International Inc., has been ordered to pay more than $1 billion in restitution to those who were victimized by securities fraud he committed while heading the company. $225 million already has been put into a victim's fund. Sanjay Kumar has 18 months to pay the rest of the $52 million. Kumar was released from an $8 million fine that was imposed on him in November. Kumar currently is serving 12 years in prison for charges of obstruction of justice and fraud charges.
Kumar and Stephen Richards, CA's former worldwide sales head, both pleaded guilty to charges of fraudulent accounting practices, including having falsely reported hundreds of dollars for licensing agreements during fiscal quarters in which the deals had not yet been completed.
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