Sanjay Kumar Goes to White Castle Prison
by John Paczkowski
Posted on September 4, 2008 at 12:05 PM PT
If I go down, you all go down. That’s the personal philosophy former CA CEO Sanjay Kumar appears to have embraced after serving a few years in prison for conspiracy, securities fraud and obstruction of justice. In a 27-page affidavit filed in court Tuesday, the disgraced Kumar claims that several current and former directors were aware of the company’s … generally unaccepted accounting practices and concealed them from government investigators. Smeared in the affidavit: board members Lewis Ranieri and former U.S. Senator Alfonse D’Amato, as well as company co-founder Russell Artzt and former CEO Charles Wang.
Kumar alleges they were all aware of the infamous “35-day month” ploy for which he and eight other former CA (CA) officials took the fall. “Wang was not only aware of the accounting improprieties, such as the 35-Day Month, he also actively participated in concealing those improper accounting practices. … Wang knew that CA’s quarters were ‘open’ for five days into the next month per his directive, and he sometimes instructed CA to keep CA’s books ‘open’ after the usual ‘five days’ to execute license agreements and recognize revenue from those agreements in the previously ended quarters.”
Damning allegations and ones Wang, D’Amato, et al., vigorously deny.
Said a spokesman for Ranieri and D’Amato: “[Kumar] from jail continues to be a stranger to the truth.”
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Comments
On a conference call to all employees after CA executive management timed an earnings release and ESOP purchase in a way that made 85% of employees’ money disappear overnight, the Wangster responded to questions about the way it was done by saying, “if you think that then you should work someplace else.” We should have listened to him sooner. They are all scum and deserve long stints in the pokey.
Posted by Ken Campbell at September 11th, 2008 at 7:03 amOn a conference call to all employees after CA executive management timed an earnings release and ESOP purchase in a way that made 85% of employees’ money disappear overnight, the Wangster responded to questions about the way it was done by saying, “if you think that then you should work someplace else.” We should have listened to him sooner.
Posted by Ken Campbell at September 11th, 2008 at 9:50 am