Friday, Mar. 17, 2017

CEO who directed $2.2B fraud is out of prison after a decade

By The Associated Press

MINEOLA, N.Y. (AP) — The former chairman and CEO of a New York software company who orchestrated a $2.2 billion accounting fraud is out of prison.

Newsday (http://nwsdy.li/2mRyAgI ) reported Friday that Sanjay Kumar was released in late January. He served nearly 10 years.

Kumar was CEO when the Islandia (eye-LAN'-dee-ah)-based company was known as Computer Associates. It now operates as CA Technologies. A spokeswoman says the company has moved "well past that era."

Kumar's attorney says he is happy his client is home.

Kumar also is a former co-owner of the New York Islanders. He sold his interest in 2004 to Computer Associates founder Charles Wang.

Kumar pleaded guilty in 2006 to obstruction of justice and securities fraud charges.

Federal prosecutors say he falsely reported revenue and earnings, then covered it up.

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Information from: Newsday, http://www.newsday.com

2017-03-17 21:16:38 GMT

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