Jailed former CA sales head ordered to pay £15.6m


Jailed former CA sales head ordered to pay £15.6m

Antony Savvas

The former head of sales at Computer Associates will pay $29.7m (£15.6m) in restitution for his role in the $2.2bn accounting scandal at the firm, reports Reuters.

Stephen Richards had pleaded guilty to conspiracy, securities fraud, perjury and obstruction of justice last year, and was jailed for seven years in November.

The compensation money, approved by a US federal court, is on top of the $800m former CA chief executive Sanjay Kumar was ordered to pay for his role in the fraud.

Both men are paying towards a $1.02bn restitution settlement with victims of the fraud.

Reuters reports that Richards will pay $200,000 towards the restitution payment out of the money he deposited for his bail.

In addition, he has also agreed to pay the rest in monthly instalments - equivalent to 15% of his gross income after he is released from prison.

Former CA executives admit role in $2.2bn accounting fraud >>

Profits dip prompts CA move to axe 1700 >>

CA executives will face charges judge confirms >>

Ex CA exec Kumar loses perks after indictment >>

CA appoints another new chief >>

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