CA’s Kumar ordered to pay restitution of $1 billion
A U.S. District Court judge has ordered the former CEO of CA to pay more than $1 billion in restitution to victims of securities fraud he committed while at the company.
CA has already repaid $225 million of that amount to a victim’s fund. Sanjay Kumar must pay $52 million in the next 18 months, Judge I. Leo Glasser of the U.S. District Court for the Eastern District of New York ordered Friday.
Glasser also released Kumar from an $8 million fine imposed in November while he is making restitution. Kumar was also sentenced to 12 years in prison after pleading guilty to obstruction of justice and securities fraud charges.
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