Thursday, November 2, 2006
Former CEO of CA Inc., Sunjay Kumar, who plead guilty to securities fraud, obstruction of justice, conspiracy, and false statements received a 12 year sentence. The Wall Street Journal reports here that Kumar accepted responsibility at his sentencing. Kumar had been indicted "for participating in an ongoing fraud that involved booking revenues in one quarter even though the contracts had not yet been concluded." (see here) As much as we all want more hours in the day, and more days in a week, adding this extra time into a reporting results can be fraud.