Tuesday, April 25, 2006

Software Chief Admits to Guilt in Fraud Case - New York Times

Software Chief Admits to Guilt in Fraud Case - New York Times: "The men repeatedly lied to their own lawyers and to federal investigators, according to the indictment, which also said that Mr. Kumar even authorized paying $3.7 million to buy the silence of a potential witness.
The pleas came in a two-hour hearing yesterday afternoon before Judge I. Leo Glasser. The men had maintained their innocence for years and had previously pleaded not guilty to the charges, which carry prison terms of as much as 20 years apiece."
...
"Prosecutors did not promise Mr. Kumar or Mr. Richards leniency in return for the guilty plea, said Eric Komitee, deputy chief of business and securities fraud for the United States attorney's office.
'There is no agreement of any kind,' Mr. Komitee said. 'The defendants simply pleaded to the indictment.'"
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