The former chief of sales department of Computer Associates has been freed from jail as an appeals court challenged the seven years prison sentence of the sales chief of CA.
The 45 years old Steven Richards had served 44 months jail as he was found guilty to a scheme to artificially boost the quarterly revenue in the year 2006 by backdated sales contracts. He is in the custody of Taft Correctional Institution at California.
In the month of august a federal appeals court ordered that the sales chief would be re-sentenced as the district judge failed to give Stephen credit for accepting his responsibility for his wrong doing. In the last week a judge named Leo Glasser re-sentenced him to time served in Brooklyn.
The prosecutor had alleged that the former chief executive of CA Sanjay Kumar, Stephen Richards and other executives of the company were involved in the action to artificially boost the quarterly results of the company by backdating the software contracts.
The former chief executive of the company Sanjay Kumar was sentenced for 12 years after he pleaded guilty to the securities fraud.
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