Computer associates backdating
The SEC said the scheme began in 1998, possibly earlier, and continued through September 2000.
In all, the company prematurely reported .3 billion in revenues from 363 software contracts.
His company, Media Vision Technology, had inflated its reported revenues, in part by backdating sales contracts.
Because of the inflated revenue reports, the company’s stock price went up – until the truth came out, which eventually drove the company into bankruptcy.
The company thus reported 60 cents in earnings per share, beating the consensus Wall Street forecast of 59 cents.
Without the padded revenue, earnings would have been a mere 5 cents per share and the stock price might well have fallen.
After graduating from Avondale College with a degree in Business Administration he spent a short period of time at Ernst & Whinney (now Ernst & Young), and then began his career at Computer Associates beginning at the helpdesk as a Telephone Support Technician in 1988, Post-Sales Technician in 1989, Pre-Sales Consultant in 1990, Sales Executive in 1991, State Manager (Queensland) 1992, Managing Director (New Zealand) 1993, Managing Director (Australia and New Zealand) 1995, Senior Vice President – Sales (North East, South East, South Central US and Pacific Rim) 1998, Senior Vice President – Sales North America 1999, and Executive Vice President in 2000.
He remained in that position until his resignation in 2004.
Indicted on fraud charges in 2004, along with Computer Associates CEO Sanjay Kumar, he was subsequently sentenced to seven years in jail in 2006.
Beginning in 2007 he spent 44 months in Taft Correctional Institution in Taft, California, before being re-sentenced to time served in 2010.
This violated Generally Accepted Accounting Principles, or GAAP, which state that revenues should not be counted until both parties have properly signed a contract.Tags: Adult Dating, affair dating, sex dating