Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, June 5, 2007

Ex-CA Executive Agrees to Pay $29.7 Million

Former CA executive Stephen Richards, now in prison serving a seven-year term, agreed to pay $29.7 million in restitution as part of his guilty plea for his role in a scheme to artifically inflate CA's revenues.  Previously former CEO Sanjay Kumar (serving a 12-year prison term) agreed to pay $798.6 million, and the company agreed to pay $225 million.  See WSJ, Ex-CA Sales Chief Agrees to Pay
$29.7 Million in Restitution.

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