The former head of CA pleaded guilty to securities fraud today. Sanjay Kumar, who left the company in June 2004 admitted to “improperly booking revenue at the company to meet Wall Street expectations. The former sales head for CA also pleaded guilty to securities fraud and obstruction charges.
In a hearing lasting more than two hours, the judge read out the more than 40-page long indictment. Kumar and Richards were both named in a nine-count indictment with eight charges against each executive. The charges range from conspiracy to commit securities fraud, conspiracy to obstruct justice, obstruction of justice.
[tags]CA, Kumar, Fraud[/tags]