Ca is one of the largest computer software companies in the world. When it comes to revenue recognition, there are mistakes. District court in brooklyn last week to charges of obstructing justice in connection with an investigation into cas revenuerecognition practices by the u. The secs division of enforcement issues a wells notice when it plans to recommend an enforcement action to the commission. Sales accounting, and lloyd silverstein cas former head of the global. 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.
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. 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. A us credit ratings firm has downgraded computer associates international to junk status, citing intensifying industry competition and uncertainty associated with government investigations into. Former ca executive pleads guilty to sec charges network world. Ca was one of the worlds largest providers of computer software for use by businesses. A former vice president of software giant computer associates revealed that he and other top executives tried to cover up faulty accounting practices. Bbc news business computer associates guilt spreads. But it has been under intense pressure since january 2004 when its former finance chief, lloyd silverstein. Computer associates finance execs enter guilty pleas thestreet. Former ca executive pleads guilty to sec charges network. About us rochester accounting firms buffalo cpa firm. Three former highlevel finance executives at computer associates international inc. Jan 22, 2004 computer associates exvp pleads guilty to obstruction of justice. Oct 09, 2003 the software cfo and two others are asked for their resignations in the wake of federal inquiries.
Attorney and the securities and exchange commission. Old, used, and outofprint computer associates software. Computer associates exexecutive testifies he lied in. Computer associates exexecutive testifies he lied in inquiry the. Ca technologies infrastructure software products and. 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. Army veteran who served twentyfour years honorably active duty service. A former finance executive at computer associates claimed in a us court. Ca execs asked to resign over accounting flap computerworld. 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. While serving as an executive at computer associates international, inc. Disabled veteran small business owner with extensive and advance skills at all levels of supply and logistical procurement operations.
Since november 5, 2018, the company has been a subsidiary of broadcom inc. Computer associates shares down on cfo ouster thestreet. The three finance officers are to be arraigned today amid accounting probes. Computer associates the battle for business ethics. 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. Boulder software development, by any name, has been pretty successful on the third floor of 1050 walnut st. Accounting scandals at computer associates claimed nine more scalps yesterday, as analysts eyed the future of one particular employee ceo sanjay kumar. Computer associates founder and chief executive charles wang retired from the company in 2002. Former ca executive pleads guilty to sec charges itworld. Computer associates former senior vice president lloyd silverstein. Computer associates cfo and two other finance executives have stepped down in the wake of a brewing accounting scandal. Jan 24, 2004 lloyd silverstein, a former computer associates senior executive, pleaded guilty in u. Ca, was a delaware corporation with its headquarters and principal place of business located in islandia, new york.
The sec and other government agencies, including the fbi, are still investigating questions of improper accounting at computer associates international inc. Boulder software team supports fortune 500 firms bizwest. View lloyd silversteins profile on linkedin, the worlds largest professional community. Mr zar, mr silverstein and mr rivard all resigned from their jobs at computer associates in october 2003. Three senior executives at computer associates international inc. Zacharie silverstein software engineer curalate linkedin. Cas exfinance chief agreed to plead guilty to at least one felony charge in the federal probe of the software makers accounting. Computer associates exvp pleads guilty to obstruction of justice. The commissions complaint, filed in the united states district court for the eastern district of new york, alleges that silverstein participated in a widespread practice. Marsh to its major business partners via internet portals, for the purpose of creating. Software giant 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.
Oct 10, 2003 computer associates cfo and two other finance executives have stepped down in the wake of a brewing accounting scandal. 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. Improper booking wasnt unusual at ca, court told wsj. View lloyd silverstein s profile on linkedin, the worlds largest professional community. Apr 08, 2004 the judge set a july 22 sentencing hearing. See the complete profile on linkedin and discover lloyds. 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. The person running this software has a godseye view of processes. Sec files charges against former ca execs network world. View the profiles of professionals named lloyd silverstein on linkedin. In addition, stephen woghin, cas former general counsel and senior. Ca exexecutives plead guilty, call fraud at firm pervasive.
Accounting probe keeps ca under a cloud, ceo says it. 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. On january 22, the commission filed charges against lloyd silverstein, a former senior vice president of finance at computer associates international, inc. Law firm faces lawsuit over expartners role in computer. Silverstein facilitated cas accounting fraud by, among other things. Technology is moving extremely fast and you dont want to miss anything, sign up to our newsletter and you will get all the. Ca financial executive pleaded guilty thursday to charges of accounting fraud, acknowledging what investigators called a widespread practice at. 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. Bachelor of science bscomputer science, economicsmagna cum laude. A former executive of computer associates international inc.
Until the government completes its investigation of computer associates international inc. Old, used, and out of print computer associates and nantucket software including older clipper and realizer products. Lloyd silverstein, who resigned as senior vice president of finance in october 2003. Ca restates revenues, sacrifices sales chief information age. 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. Parties, docket activity and news coverage of federal case computer associates international, inc. Lloyd silverstein, 48, a former senior vice president for finance, entered the plea to a single count of conspiracy to. The sec files a simultaneous suit alleging accounting fraud. Lloyds computer business computer repair services, computer. Last week the company announced that lloyd silverstein, a former computer associates. Now developed, marketed and supported by computer associates. The hack intercepted attorneyclient communications during a contentious divorce proceeding according to the lawsuit. Atlanta if youre running a technology company, then revenue is a key to your growth.
Final executive in ca accounting fraud sentenced law360. Accounting probe keeps ca under a cloud, ceo says itworld. 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. The revelations are the latest blow to computer associates, which has been dogged by accounting irregularity allegations for several years. Sec files charges against three former ca execs computerworld. 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. 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. Excfo at computer associates to enter plea in accounting probe.
The guilty pleas today of computer associates former cfo and two former senior executives in computer associates finance department further. Moodys downgrades ca debt rating to junk infoworld. Lloyd silverstein, senior vice president of finance. Apr 08, 2004 lloyd silverstein, a subordinate of mr zar, pleaded guilty to obstruction in january and is now helping investigators. Lloyd silverstein, a former computer associates senior executive, pleaded guilty in u. Mr wang founded computer associates in 1976 to develop corporate software. 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. In january, lloyd silverstein, a former senior vice president in charge of sales accounting. Lloyd silverstein, a subordinate of mr zar, has been helping the investigation since pleading guilty to obstruction in january. 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.
Under the headline computer disk drives from wtc could yield clues, the. Ca to junk status thursday, citing intensifying industry. Apr 16, 2004 boulder software development, by any name, has been pretty successful on the third floor of 1050 walnut st. See the complete profile on linkedin and discover lloyd s.
Any such transfer terminates your license, but you agree that you shall continue to keep all computer associates materials confidential. The software cfo and two others are asked for their resignations in the wake of federal inquiries. Lloyd silverstein, a subordinate of mr zar, pleaded guilty to obstruction in january and is now helping investigators. 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. 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. Apr 12, 2004 lloyd silverstein, a subordinate of mr zar, has been helping the investigation since pleading guilty to obstruction in january. The news will only provide further evidence for the joint government inquiry, which may take action against the long islandbased business software company. Ca has been the subject of a federal accounting probe for the last two years. By charles forelle staff reporter of the wall street journal april 9, 2004. On january 22, 2004, lloyd silverstein, a former senior vice president of finance. Computer associates exexecs may plead guilty to criminal. Securities and exchange commission sec filed charges against three former computer associates international finance executives on thursday stemming from its probe of accounting.
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