Disgraced and jailed former CA head Sanjay Kumar has completed paying the $52-million in restitution he was sentenced to following his guilty plea in a $2,2-billion accounting fraud at the company.
Kumar began a 12-year prison term in August last year after pleading guilty to fraud and obstruction of justice, and the court ordered him to pay $798-million in restitution to investors. The $52-million was an initial payment the court had ordered Kumar to pay before the end of 2008, with the balance to be paid in monthly installments garnished from any future salary. A restitution fund of $1-billion was set up for investors in the fraud judgment and CA itself last year made a $225-million contribution to it.
The final installment of $2-million was paid in December – a year early – and means the lifting of a freeze on Kumar's assets.
Computerworld reports that Kumar seems to be coping with prison life at the Fairton Correctional Institution in New Jersey. "He's holding up just fine and doing the best he can while taking courses and doing a few jobs while there," his attorney, Lawrence McMichael told Computerworld. "He's actually teaching courses, although I'm not sure what. He's keeping very busy, trying to make a difference, and is stuck there for the foreseeable future as he awaits his appeal."
Kumar is due for release on 25 January 2018.