Former CA execs agree to penalties

Former CA execs agree to penalties

By SiliconIndia   |   Thursday, 04 November 2004, 08:00 Hrs
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WASHINGTON: The U.S. Securities and Exchange Commission on Tuesday said two former Computer Associates International Inc. executives settled charges that they helped improperly recognize revenue at the software maker.

David Rivard and David Kaplan, two former CA vice presidents of finance, agreed to pay a total of $387,470 in disgorgement and penalties to settle the charges, the SEC said.

The two executives are also permanently barred from serving as an officer or director of a publicly held company, the SEC said.

During CA's fiscal year 2000, the company prematurely recognized revenue from software contracts that had not yet been consummated, the SEC said.

The men consented to the judgments without admitting or denying the allegations against them.

Attorneys for Rivard and Kaplan could not immediately be contacted for comment.

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