Ex-CEO of Computer Associates must pay victims millions

[Omaha Steve]

Source: The Economic Times

Indian ex-CEO to pay millions for fraud Add to Clippings

PTI< SATURDAY, APRIL 14, 2007 01:40:49 PM>
New York : An Indian origin former chief executive found guilty in an accounting fraud will pay about $52 million over two years to the victims, a media report said.

Sanjay Kumar, the former chief executive of Computer Associates, who is scheduled to begin serving a 12-year prison term this month, is liable to pay $800 million under a restitution agreement cleared by a US judge on Friday.

However, he will actually pay about $52 million over the next two years, the majority of his and his family's assets.

Most of the remaining restitution will probably never be paid, although when Kumar leaves prison the government will have the right to garnish 20 per cent of his wages. The agreement was filed last week in Federal District Court in Brooklyn before Judge I.

Read more: http://economictimes.indiatimes.com/Indian_ex-CEO_to_pay_millions_for_in_fraud_case_/articleshow/1909960.cms