Sanjay Kumar, the former CEO of Computer Associates International Inc., pleaded guilty to financial fraud charges this week when he appeared in federal court in Brooklyn, N.Y.
Kumar and co-defendant Stephen Richards, the company's former worldwide sales head, both pleaded guilty to all eight counts against them, including securities fraud, obstruction of justice and perjury, according to the U.S. Attorney's office.
Sentencing is set for Sept. 12. Both men faced the prospect of up to 20 years in jail prior to their guilty pleas. That maximum sentence will be reduced because of the pleas, according to the U.S. Attorney's spokesman.
Kumar and Richards had been accused of fraudulent accounting practices, including falsely reporting hundreds of millions of dollars in revenue for licensing agreements during fiscal quarters in which the deals had not yet been finalized.
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