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Rivard also knew that CA customers were backdating signatures on contracts, according to the SEC.
Richards' involvement, as the global head of sales, included facilitating extensions of the fiscal quarter, allowing other employees to obtain contracts after the quarter-end (to boost reported earnings), and he failed to bring to the accounting and finance departments' attention that contracts may have been backdated.
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EDT The former CFO and two other former finance executives of Computer Associates ( CA) pleaded guilty Thursday to criminal securities fraud in Brooklyn federal court.
Shares of Computer Associates fell 14 cents, or 0.5%, to close Thursday at .77.
Hi MBAGrad, I am writing about `A Letter from Prison` and Computer Associates Stephen Richard`s fraud case. Please send me a link or copy and paste the case here. Stephen Richard's actions in this can be viewed as extremely serious because he used his high position of power in sales to coerce clients into boosting sales earnings by quarter.At least 18% of revenue in the first quarter, 33% of revenue in the second quarter, 26% of revenue in the third quarter and 7% of revenue in the fourth quarter involved contracts not executed by CA or the company's clients by the quarter's end.