November 03, 2006

Sanjay Kumar Jailed

An Indian CA goes to jail for securities fraud. Here is the news from NYT.

The former chief executive of Computer Associates International was sentenced to 12 years in prison today for orchestrating a huge accounting fraud at the world’s fifth-largest software maker.

Sanjay Kumar, 44, was also sentenced to 24 years of supervised release and an $8 million fine in Federal District Court in Brooklyn. Since pleading guilty to securities fraud and obstruction of justice charges, he faced 20 years in prison, though sentencing guidelines provided a maximum of lifetime imprisonment.

This guy had got a bonus of $330 million in 1998, and is also the owner of the New York Islanders hockey team.