A former computer associates international financial executive has pleaded guilty to charges of accounting fraud, acknowledging what investigators called a widespread practice at ca of. In addition, stephen woghin, cas former general counsel and senior. Securities and exchange commission sec filed charges against three former computer associates international finance executives on thursday stemming from its probe of accounting. View the profiles of professionals named lloyd silverstein on linkedin. Three senior executives at computer associates international inc. Mr zar, mr silverstein and mr rivard all resigned from their jobs at computer associates in october 2003. The sec files a simultaneous suit alleging accounting fraud. Boulder software development, by any name, has been pretty successful on the third floor of 1050 walnut st. No stranger to accounting controversy, computer associates said late wednesday it has fired three top company officials for their role in the software firms ongoing accounting scandal ca chairman sanjay kumar said ira zar, the companys chief financial officer, along with senior vice president for finance, lloyd silverstein and david rivard, vice president for finance, were all asked to. Last week the company announced that lloyd silverstein, a former computer associates.
Boulder software team supports fortune 500 firms bizwest. Ca restates revenues, sacrifices sales chief information age. Under the headline computer disk drives from wtc could yield clues, the. The court appearances of zar, rivard and kaplan follow by less than three months a guilty plea to obstruction of justice by another former finance executive, lloyd silverstein. Old computer associates software for sale it is the official position of cas legal and licensing staff that no ca product may be transferred after a box has been opened, despite specific language in their license agreements. The hack intercepted attorneyclient communications during a contentious divorce proceeding according to the lawsuit.
Computer associates shares down on cfo ouster thestreet. One of those executives, former senior vicepresident of finance, lloyd silverstein, pleaded guilty last month to accounting fraud and told investigators of a widespread practice at ca of booking revenue from software contracts before the deal was signed. Until the government completes its investigation of computer associates international inc. Marsh to its major business partners via internet portals, for the purpose of creating. Apr 08, 2004 the judge set a july 22 sentencing hearing. Computer associates cfo and two other finance executives have stepped down in the wake of a brewing accounting scandal. Old, used, and outofprint computer associates software. Former ca executive pleads guilty to sec charges network. A former finance executive at computer associates claimed in a us court. A former finance executive at computer associates claimed in a us court yesterday that the systems management giant routinely backdated customer contracts to boost the value of its shares. Accounting scandals at computer associates claimed nine more scalps yesterday, as analysts eyed the future of one particular employee ceo sanjay kumar. The three finance officers are to be arraigned today amid accounting probes.
It is the official position of cas legal and licensing staff that no ca product may be transferred after a box has been opened, despite specific language in their license agreements. Computer associates exexecutive testifies he lied in. About us rochester accounting firms buffalo cpa firm. On january 12, 2004, computer associates international ca, one of the worlds largest software companies, announced that it had received a socalled wells notice from the staff of the sec.
Accounting probe keeps ca under a cloud, ceo says itworld. A us credit ratings firm has downgraded computer associates international to junk status, citing intensifying industry competition and uncertainty associated with government investigations into. And even though the name on the front door has changed several times since the mid1980s, much of the software being developed here is still a job management application for distributed systems, commonly called autosys. Ca financial executive pleaded guilty thursday to charges of accounting fraud, acknowledging what investigators called a widespread practice at. Apr 08, 2004 the court appearances of zar, rivard and kaplan follow by less than three months a guilty plea to obstruction of justice by another former finance executive, lloyd silverstein, whose sentencing is.
Old, used, and out of print computer associates and nantucket software including older clipper and realizer products. District court in brooklyn last week to charges of obstructing justice in connection with an investigation into cas revenuerecognition practices by the u. Excfo at computer associates to enter plea in accounting probe. Computer associates former senior vice president lloyd silverstein. Silverstein facilitated cas accounting fraud by, among other things. View lloyd silverstein s profile on linkedin, the worlds largest professional community. View lloyd silversteins profile on linkedin, the worlds largest professional community. Three former highlevel finance executives at computer associates international inc. Sales accounting, and lloyd silverstein cas former head of the global.
Moodys downgrades ca debt rating to junk infoworld. The revelations are the latest blow to computer associates, which has been dogged by accounting irregularity allegations for several years. While serving as an executive at computer associates international, inc. A former executive of computer associates international inc. The news will only provide further evidence for the joint government inquiry, which may take action against the long islandbased business software company. Lloyd silverstein, who resigned as senior vice president of finance in october 2003. When it comes to revenue recognition, there are mistakes. Three former computer associates executives admitted thursday that they fraudulently recorded hundreds of millions of dollars worth of contracts in a broad conspiracy to inflate the software.
The software cfo and two others are asked for their resignations in the wake of federal inquiries. Ca is one of the largest computer software companies in the world. The guilty pleas today of computer associates former cfo and two former senior executives in computer associates finance department further. Lloyd silverstein, 48, a former senior vice president for finance, entered the plea to a single count of conspiracy to. Any such transfer terminates your license, but you agree that you shall continue to keep all computer associates materials confidential. On january 22, the commission filed charges against lloyd silverstein, a former senior vice president of finance at computer associates international, inc. A former vice president of software giant computer associates revealed that he and other top executives tried to cover up faulty accounting practices, as he pleaded guilty yesterday to lying to the. A former vice president of software giant computer associates revealed that he and other top executives tried to cover up faulty accounting practices. Ca technologies infrastructure software products and.
Disabled veteran small business owner with extensive and advance skills at all levels of supply and logistical procurement operations. Sec files charges against three former ca execs computerworld. Parties, docket activity and news coverage of federal case computer associates international, inc. Ca, defendant silverstein participated in a widespread practice that resulted in the improper recognition of revenue by ca, one of the worlds largest software companies. Jan 22, 2004 computer associates exvp pleads guilty to obstruction of justice. Jan 24, 2004 lloyd silverstein, a former computer associates senior executive, pleaded guilty in u. Apr 12, 2004 lloyd silverstein, a subordinate of mr zar, has been helping the investigation since pleading guilty to obstruction in january.
Jan 23, 2004 a former vice president of software giant computer associates revealed that he and other top executives tried to cover up faulty accounting practices, as he pleaded guilty yesterday to lying to. Final executive in ca accounting fraud sentenced law360. See the complete profile on linkedin and discover lloyds. Technology is moving extremely fast and you dont want to miss anything, sign up to our newsletter and you will get all the. Ca was one of the worlds largest providers of computer software for use by businesses. But it has been under intense pressure since january 2004 when its former finance chief, lloyd silverstein. Mr wang founded computer associates in 1976 to develop corporate software. Improper booking wasnt unusual at ca, court told wsj.
On january 22, 2004, the securities and exchange commission filed charges against lloyd silverstein, a former senior vice president of finance at computer associates international, inc. Bbc news business computer associates guilt spreads. Computer associates exexecutive testifies he lied in inquiry the. Zacharie silverstein software engineer curalate linkedin.
Oct 09, 2003 the software cfo and two others are asked for their resignations in the wake of federal inquiries. Oct 10, 2003 computer associates cfo and two other finance executives have stepped down in the wake of a brewing accounting scandal. The secs division of enforcement issues a wells notice when it plans to recommend an enforcement action to the commission. By charles forelle staff reporter of the wall street journal april 9, 2004. Software giant computer associates international inc. Law firm faces lawsuit over expartners role in computer. On january 22, 2004, lloyd silverstein, a former senior vice president of finance. In january, lloyd silverstein, a former senior vice president in charge of sales accounting. See the complete profile on linkedin and discover lloyd s. Computer associates the battle for business ethics. Computer associates finance execs enter guilty pleas thestreet. Former ca executive pleads guilty to sec charges network world. Ca has been the subject of a federal accounting probe for the last two years. Now developed, marketed and supported by computer associates.
Lloyd silverstein, a former computer associates senior executive, pleaded guilty in u. The sec and other government agencies, including the fbi, are still investigating questions of improper accounting at computer associates international inc. If the program disks are defective, within 90 days of delivery, you may return it with a copy of your receipt and computer associates will replace it. Apr 08, 2004 three former financial executives from computer associates are expected to plead guilty today in brooklyn federal court to charges related to a federal criminal probe of the islandia, l. Computer associates exvp pleads guilty to obstruction of justice. Computer associates founder and chief executive charles wang retired from the company in 2002. Cas exfinance chief agreed to plead guilty to at least one felony charge in the federal probe of the software makers accounting. Lloyd silverstein, 53, a former finance senior vicepresident, was the first ca executive to plead guilty and the last to be sentenced over a fraud that resulted in governmentsupervised probation. Apr 16, 2004 boulder software development, by any name, has been pretty successful on the third floor of 1050 walnut st. Ca, was a delaware corporation with its headquarters and principal place of business located in islandia, new york.
Sec files charges against former ca execs network world. Accounting probe keeps ca under a cloud, ceo says it. Lloyd silverstein, a subordinate of mr zar, has been helping the investigation since pleading guilty to obstruction in january. Bachelor of science bscomputer science, economicsmagna cum laude. The person running this software has a godseye view of processes. Attorney and the securities and exchange commission. Ca to junk status thursday, citing intensifying industry. Lloyd silverstein, senior vice president of finance. Lloyd silverstein, a subordinate of mr zar, pleaded guilty to obstruction in january and is now helping investigators. A former computer associates international ca financial executive pleaded guilty thursday to charges of accounting fraud, acknowledging what investigators called a widespread practice at ca of. Lloyds computer business computer repair services, computer. Ca execs asked to resign over accounting flap computerworld. Computer associates exexecs may plead guilty to criminal. Ca exexecutives plead guilty, call fraud at firm pervasive.
1180 875 68 1277 68 643 167 1015 265 1383 568 480 1209 1106 1182 1291 790 1522 890 1073 962 1001 746 1072 608 671 308 532 1061 472 1082 1135 540 373 535 1458 1104 45 538 357 1210