Seven years for Stephen Richards

CA's Kiwi former global head of sales gets seven years after pleading guilty to fraud

For his part in a fraud estimated at US$2.2 billion, the former Kiwi head of sales at CA has been jailed for seven years.

In April, Stephen Richards pleaded guilty to conspiracy, securities fraud, perjury and obstruction of justice. His former boss, Sanjay Kumar, was earlier sentenced to 12 years.

Reuters news agency reports US District Judge I Leo Glasser describes Richards as a late participant in the scheme and so not deserving of the same sentence as Kumar. "The conspiracy was not one of which ... Richards was a founding member," Glasser is reported to have said.

Reuters says because Richards is a native of New Zealand and therefore a "resident alien" in the US, he is not eligible to serve in a minimum security prison. His lawyer requested that he be sentenced to Taft Correctional Institution in Taft, California, which is a privately run facility.

The judge is reported to have said the sentence will have a lasting impact on Richards' children, who live in Australia.

Richards is due to report to prison on February 27.

Join the newsletter!

Error: Please check your email address.

Tags fraudcakumarrichards

More about Reuters Australia

Show Comments
[]