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According to a court filing Monday, Richards, 42 years old, would apply $200,000 of the money used to secure his bail, plus any interest earned, to his restitution as part of an agreement with prosecutors. Richards then would be obligated to pay the unpaid restitution in monthly installment payments equal to 15 percent of his gross income beginning 60 days following his release from prison, reported The Journal.
A hearing is set for June 12 before U.S. District Judge I. Leo Glasser in Brooklyn to approve the restitution agreement. A lawyer for Richards declined comment on Tuesday, according to The Journal.
Richards, who started at CA at age 23 and worked for the company in Australia and in New Zealand prior to 1999, is currently serving a seven-year prison sentence at the Taft Correctional Institution in Taft, Calif. He pleaded guilty in April 2006 to conspiracy, securities fraud, making false filings with the Securities and Exchange Commission, obstruction of justice and perjury, reported The Journal.
According to The Journal, Sanjay Kumar, CA's former chief executive, was sentenced to 12 years in prison last year after he pleaded guilty to securities fraud, obstruction of justice and other criminal charges. Five other former executives at the company also have pleaded guilty to criminal charges in the matter.
- New York State Society of Certified Public Accountants
Posted June 15th, 2007 by Alla
