The founder and former chairman and CEO of video game publisher Take-Two Interactive Software Inc [Ryan Brant] has been convicted of backdating Take-Two’s records to backdate stock option grants. (…)
Brant entered a plea of guilty in New York County Supreme Court to falsifying business records in the first degree, a Class E felony. In settlements with the District Attorney’s Office and the United States Securities and Exchange Commission, Brant will make a total payment of $7,261,606. Of this, $6,261,606 representing disgorgement of the benefits derived from back-dating the stock option grants, interest and a civil penalty, will be distributed to harmed investors pursuant to Brant’s agreement with the SEC. The remaining $1 million, less costs of prosecution, will be paid to the City and State of New York.
In addition, Brant has submitted to an immediate and permanent bar from holding any “control management positions” in publicly traded companies. It is expected Brant will be sentenced to a term of probation. (Video Game CEO Convicted Of Stock Fraud)