Kumar Going to Prison

Former Computer Associates CEO Sanjay Kumar will spend the next the dozen years in a federal prison.

A federal judge on Thursday sentenced Kumar to a 12-year prison term and fined him $8 million for his role in a massive accounting scheme at the New York software company. In April, Kumar pleaded guilty to obstruction of justice and securities fraud charges in the $2.2 billion accounting fraud at the company now called CA(CA Quote).

Kumar, 44, could have been facing a much longer prison term under the federal sentencing guidelines. But U.S. District Judge Leo Glasser said 12 years was sufficient.

"I know that I was wrong and there was no excuse for my conduct," Kumar told the judge, according to the Associated Press.

After pleading guilty in April, Kumar relinquished his equity position in the New York Islanders hockey team. Kumar was a co-owner of the Islanders along with Charles Wang, the founder and former chairman of the giant software company.

The accounting scandal at CA was a massive scheme involving a number of top executives, who approved a plan to prematurely book more than $2 billion in sales in order to bolster weak quarters.