Former Take-Two CEO Gets 5 Years Probation
Former Take-Two CEO, Ryan Brant, has pleaded guilty to the illegal backdating of stock-options. What kind of penalty did he get?
A few million dollars, 5 years of probation and national media attention that will probably embarrass him in a way that few people ever get to experience.
A few million dollars, 5 years of probation and national media attention that will probably embarrass him in a way that few people ever get to experience.
“Brant was the first of three officials convicted at the New York-based company. Former General Counsel Kenneth Selterman and ex-Chief Accounting Officer Patti Tay also pleaded guilty earlier this year to falsifying business records.
Tay, 31, admitted she made false entries on a spreadsheet of 2001 and 2002 stock-option grants, according to court records. Selterman, 52, pleaded guilty to providing false information in a 2002 letter to regulators.
Brant's plea agreement also called for him to pay $6.3 million to settle a civil suit filed by federal regulators the day he pleaded guilty and another $1 million to New York City and state officials.”
Tay, 31, admitted she made false entries on a spreadsheet of 2001 and 2002 stock-option grants, according to court records. Selterman, 52, pleaded guilty to providing false information in a 2002 letter to regulators.
Brant's plea agreement also called for him to pay $6.3 million to settle a civil suit filed by federal regulators the day he pleaded guilty and another $1 million to New York City and state officials.”
Considering how many executives have been given prison sentences for similar crime in the past few years, 5 years of probation on a plea bargain might seem like a good choice.
