Take-Two Says Former CEO Doctored Stock Options
Take-Two Says Former CEO Doctored Stock Options
January 23, 2007
A number of media outlets, including USA Today, have reported that an internal investigation by Grand Theft Auto publisher Take Two Interactive has blamed former CEO Ryan Brant for backdating stock options from 1997-2003. Brant resigned as T2 chairman last October. He stepped down as CEO several years prior.The investigation uncovered no wrongdoing by current executives. However, three former execs who declined to meet with investigators "appear to have had significant involvement in the company's stock-option granting process"
Brant was cited in a 2004 investigation by the Securities and Exchange Commission (SEC), which alleged that he and two other former T2 officials inflated company revenues. Although none of the executives named in that case admitted any wrongdoing, Take Two, Brant and the two executives paid penalties of more than $9 million, plus interest.
Reporter Roddy Boyd, who often covers Take Two for the New York Post, has more.
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Posted 11/08/09 at 09:02am
DarkSaber: http://tinyurl.com/yez7jyo
DarkSaber: http://tinyurl.com/yez7jyo
Posted 11/08/09 at 09:01am
DarkSaber: Oh for gods sake, the Gearbox pres is gobbing off about Valve again
DarkSaber: Oh for gods sake, the Gearbox pres is gobbing off about Valve again
Posted 11/08/09 at 08:53am
JDKJ: But cheer up, Austin. If the unemployment rate continues to double-digit as predicted for the next few years, your half-dozen stands a better than likely chance of returning to power.
JDKJ: But cheer up, Austin. If the unemployment rate continues to double-digit as predicted for the next few years, your half-dozen stands a better than likely chance of returning to power.
Posted 11/08/09 at 08:46am
JDKJ: @DS: If he had added the line about "or hiring illegals aliens under the table to work as nannies," it would have been a completely perfect descripition. And, yes, it's about the same difference between a six and a half-dozen.
JDKJ: @DS: If he had added the line about "or hiring illegals aliens under the table to work as nannies," it would have been a completely perfect descripition. And, yes, it's about the same difference between a six and a half-dozen.
Posted 11/08/09 at 08:31am
DarkSaber: My god, that description makes them sound almost Republican. Still what did you expect, Obama is only marginally more left than republicans.
DarkSaber: My god, that description makes them sound almost Republican. Still what did you expect, Obama is only marginally more left than republicans.
Posted 11/08/09 at 01:07am
Austin_Lewis: Health insurance, brought to you by the same kind of bureacrats who couldn't, in timely fashion, investigate the comments of any of the men Obama appointed Czars. Or their past. Or their history of not paying taxes.
Austin_Lewis: Health insurance, brought to you by the same kind of bureacrats who couldn't, in timely fashion, investigate the comments of any of the men Obama appointed Czars. Or their past. Or their history of not paying taxes.
Posted 11/08/09 at 01:06am
Austin_Lewis: Yes, and what a piece of crap it was. Arresting and fining people just because they don't make a personal choice to buy healh insurance, creating over a hundred new bureacracies, and worse.
Austin_Lewis: Yes, and what a piece of crap it was. Arresting and fining people just because they don't make a personal choice to buy healh insurance, creating over a hundred new bureacracies, and worse.
Posted 11/08/09 at 12:24am
ZippyDSMlee: JDKJ:the only trouble is a bunch of witless hacks wrote it....its going to be a train wreck....
ZippyDSMlee: JDKJ:the only trouble is a bunch of witless hacks wrote it....its going to be a train wreck....
Posted 11/07/09 at 11:33pm
JDKJ: BREAKING: In a photo-finish at the wire, House passes health care reform bill. Relatedly, in a fit of pique, Austin Lewis kicks innocent dog.
JDKJ: BREAKING: In a photo-finish at the wire, House passes health care reform bill. Relatedly, in a fit of pique, Austin Lewis kicks innocent dog.
Posted 11/07/09 at 04:27pm
ZippyDSMlee: man I got alot of junk and dup files too >< god I need orginization...and no not the knee capping media mafia kind :P
ZippyDSMlee: man I got alot of junk and dup files too >< god I need orginization...and no not the knee capping media mafia kind :P
Posted 11/07/09 at 04:26pm
ZippyDSMlee: replaced :P
ZippyDSMlee: replaced :P
Posted 11/07/09 at 04:23pm
ZippyDSMlee: beemoh:hey its like 60GB porn,400GB anime 100GB games and crap I have took from all my DVDs, I hate waiting on dvds to install stuff..... oh and 40GB of my porn was in the found.000 folder...mostly corrupted.... least I got names of wut needs to be repa
ZippyDSMlee: beemoh:hey its like 60GB porn,400GB anime 100GB games and crap I have took from all my DVDs, I hate waiting on dvds to install stuff..... oh and 40GB of my porn was in the found.000 folder...mostly corrupted.... least I got names of wut needs to be repa
Posted 11/07/09 at 04:18pm
beemoh: @Zip: ...and you'd have to spend all that time re-downloading that porn?
beemoh: @Zip: ...and you'd have to spend all that time re-downloading that porn?
Posted 11/07/09 at 03:34pm
ZippyDSMlee: ggrrrrr......vista lost one of my hard drives and I had a heart attack thinking I lost 1TB of data....
ZippyDSMlee: ggrrrrr......vista lost one of my hard drives and I had a heart attack thinking I lost 1TB of data....
Posted 11/07/09 at 10:58am
JDKJ: Which could be explained by both (a) and (b).
JDKJ: Which could be explained by both (a) and (b).
Posted 11/07/09 at 10:56am
Austin_Lewis: JDKJ: You forgot C) the fact that, for some reason, every time he did something that would suggest he shouldn't be in the military, let alone an officer, higher ups ignored it or let it slide.
Austin_Lewis: JDKJ: You forgot C) the fact that, for some reason, every time he did something that would suggest he shouldn't be in the military, let alone an officer, higher ups ignored it or let it slide.
Posted 11/07/09 at 10:51am
JDKJ: Part of the problem is, I believe, that (a) the Army had a lot of time and money already invested in him and which they were unwilling to simply write-off and (b) an increasing need for the type of skills and services he provided.
JDKJ: Part of the problem is, I believe, that (a) the Army had a lot of time and money already invested in him and which they were unwilling to simply write-off and (b) an increasing need for the type of skills and services he provided.
Posted 11/07/09 at 10:48am
JDKJ: And that even if he was begging not to get cut loose, he was apparently a real good candidate for being cut loose, anyway.
JDKJ: And that even if he was begging not to get cut loose, he was apparently a real good candidate for being cut loose, anyway.
Posted 11/07/09 at 10:11am
JDKJ: @chada: And while Kennedy once noted that there's usually more than enough blame for everyone to get a slice, the possibility that the Army was unwilling to cut loose someone who was asking to get cut loose could be a factor.
JDKJ: @chada: And while Kennedy once noted that there's usually more than enough blame for everyone to get a slice, the possibility that the Army was unwilling to cut loose someone who was asking to get cut loose could be a factor.
Posted 11/07/09 at 10:07am
ZippyDSMlee: *noms on his feet*..nomnomnomnom*droooll* ...wuuutttttt uuu looking at?
ZippyDSMlee: *noms on his feet*..nomnomnomnom*droooll* ...wuuutttttt uuu looking at?
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Game Politics and Game Politics logo are trademarks of the ECA.
Game Politics and Game Politics logo are trademarks of the ECA.
Comments
Take-Two Interactive is being blamed for a lot of things and being ambushed just like the warriors and I hope that, like the warriors, they make it through the hard times and survive the attacks from the anti-game activists and the people on Wall Street, who don't like them. Just like the warriors, they find themselves being attacked for no good reason other than people are stupid. Also, watch the film "The Warriors." It's one of the greatest films ever and the greatest film made before 1980. It rocks.
They broke regulations.. and possible laws.
God damn.
60%? If I had any say in it, they would take away 100% of any money they obtained while defrauding the company, and they should also be thrown in jail for fraud. After all, a corporation is technically a public business, and if someone robs it, they should be jailed. Stock fraud is almost as bad as going out and robbing a store at gunpoint, so why do the CEOs get to keep the money they stole and avoid jail time?
And therein lies the problem with granting stock options. My company has very strick rules about how options can be "cashed in". I don't know if they were put in place in response to stuff like this, but they're pretty clear about the need for transparency and lots of documentation so if something fishy goes on, there's a clear trail.
Ryan Brant, the ex-CEO of the video game publisher Take-Two, pleaded guilty to charges of backdating and agreed to pay $7.3 million to settle two options-related cases. Brant is Take-Two's founder. He apologized for his actions: "I am deeply sorry......