Computer associates backdating

Posted by / 20-Apr-2019 07:56

Computer associates backdating

The government also says that Roberts altered board meeting minutes to change the date on which options were granted to the company's then-CEO and chairman. 15, 2002, when the stock closed at US.19, to Jan. The greater the difference between the lower options price and the higher market price when the executive exercises the option, the greater the profit.

Roberts is scheduled to be arraigned Thursday before Federal Magistrate Judge Joseph C. Roberts' attorney Neal Stephens could not be reached for comment.

Furthermore, Roberts implicated the then-controller in the improper backdating of other stock options for consultants to the company.

Roberts initiated an investigation in 2002 and recommended that the controller be removed from his position.

Woghin, Computer Associates and prosecutors have reached a settlement that will enable the company to avoid a corporationwide indictment that could seriously damage its business, people close to the case said yesterday.

A spokeswoman for Computer Associates, Shannon Lapierre, said the company had no comment.

Roberts is charged with "devising a scheme to defraud by granting himself and others valuable in-the-money stock options while hiding the true nature and value of the stock option grants," the statement says. Roberts joins a small but growing list of executives or former executives of companies charged in the U. companies are under investigation by the SEC, federal prosecutors or through internal audits.

Roberts hid the fraud from the company, then known as Network Associates Inc., its board, shareholders, auditors and the U. S with improperly backdating stock options grants to make them more profitable for the recipients, but at the expense of shareholders. According to the indictment, the Network Associates board granted Roberts the option to buy 20,000 shares of Network Associates' stock at the strike price of US.62, which was the price at which the stock closed on Feb. In late 2000, Roberts became concerned that his options were "underwater," that is, the US.62 exercise price of the grant was more than the market price for stock.

“We are extraordinarily gratified that the judge has reduced the sentence, which will allow him to reunite with his family in Australia and try to put their lives back together again,” Zornow of Skadden, Arps, Slate, Meagher & Flom LLP in New York said.Zornow said Richards would be deported from the United States, but it was unclear how long the process would take. prosecutors accused Kumar and other executives of manipulating earnings by backdating software contracts to make it appear there were signed license agreements for the quarter. District Court for the Eastern District of New York, No. The three-judge appeals court panel upheld the 12-year prison sentence of Sanjay Kumar, the former chief executive of the company on New York’s Long Island that changed its name to CA Inc CA. Kumar has petitioned the full court to reconsider the decision. Criminal charges against the company were dismissed in 2007, three years after it agreed to pay 5 million toward repaying shareholders. The former legal counsel for Mc Afee is facing federal charges of improperly backdating stock options at the security software company.Kent Roberts, 50, of Dallas, was indicted Tuesday by a federal grand jury on seven counts of fraud for improperly backdating options between 20, according to a statement from the U. Attorney's Office for the Northern District of California in San Francisco.

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In November 2006, a two billion two hundred million dollar fraud scheme was uncovered.

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