Crooked CA watch: 5

Charles Wang has cashed out.

In 2004, after a four-year investigation that focused on backdated contracts and whether they artificially inflated profits, [Wang’s] Computer Associates reached an agreement with the Justice Department to avoid prosecution, which included paying $225 million in restitution to shareholders.

In 2006, [CEO Sanjay] Kumar was sentenced to 12 years in prison for orchestrating a $2.2 billion accounting fraud, mainly in 1999 and 2000. Mr. Wang was never charged with wrongdoing in the case.

But a year later, a 390-page report by the Computer Associates board, assisted by an outside law firm, found Mr. Wang culpable as well. “No significant decisions were made without his participation and approval,” the report said.

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