Take-Two Interactive Software’s GC Suspended For Three Years Following Guilty Plea In Backdating Of Stock Options Investigation
An intermediate appellate court in New York has ruled that the general counsel of video game manufacturer Take-Two Interactive Software, Inc., who had pleaded guilty to a misdemeanor – falsifying business records in the second degree – stemming from an investigation into the company’s alleged backdating of stock options, should be suspended from the practice of law for three years.
The appellate court found a “lack of remorse” and a “'pattern' of fraud and dishonesty, which should be considered as evidence in aggravation.” Those factors, as well as the general counsel’s position, level of sophistication, and legal experience, led the appellate court to rule that the three year suspension was appropriate.
It's a tough world out there, lawyers.
The court’s decision is Matter of Selterman, 2009 N.Y. Slip Op. 05991 (App. Div. 1st Dep’t July 28, 2009).
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