Lonchar has served as chief financial officer and senior vice president, finance of veritas since january 1999. Kenneth lonchar, cfo of veritas software, resigned in 2002 after the company found out he didnt hold the mba he claimed to have earned. Kenneth lonchar is senior vice president and chief financial officer of veritas software. Lonchar is responsible for overseeing the overall financial functions of the company. In a nationwide survey released thursday, mortgage company freddie mac. Accordingly, with respect to defendants veritas software corporation, gary l. Two weeks ago, veritas software forced its chief financial officer kenneth lonchar to resign after learning he lied about his education, including a stanford university mba that. Lonchar s civil penalty is the largest of any other individual in the suit. That didnt stop kenneth lonchar from lying about having a masters degree in business. I dont like to route people through voicemail hell. Learn more about this contract and other key contractual terms and issues by viewing the many sample contracts findlaw has to offer in our corporate counsel center.
Memorandum of points and authorities lonchars request, plaintiffs oppose the request to the extent that the securities and exchange commission sec. Cfo kenneth lonchar, the trouble started in the fall of 2002. Veritas had seen its previous cfo, kenneth lonchar, resign in october after it was revealed that he had misstated his educational credentials, including incorrectly claiming to have received a masters degree in. The former chief financial officer of veritas software corp. Veritas technologies llc is an american international data management company headquartered in santa clara, california. Veritas cfo steps down executive admits he lied about.
Rogan said bob lazar will be on today page 10 he said it on the charlamagne podcast 24. I assume you are expecting statistics or survey to answer your question unfortunately. Sec charges five with lies at veritas former cfo kenneth lonchar, who quit over an ethical lapse, is fighting sec charges that he participated in an accounting fraud involving aol deals. There was also george oleary from notre dame who misrepresented his athletic and academic background, then resigned as head football coach. Veritas software corporation plaintiffs opposition to. Veritas cfo ousted after false degree claim houston. Sallaberrys motion to dismiss corrected consolidated class action complaint.
The company has its origins in tolerant systems, founded in 1983 and later renamed veritas software. With respect to exhibits ac of defendant kenneth e. Veritas chief financial officer and executive vice president kenneth lonchar resigned from his post thursday, admitting that he had fabricated a stanford business degree on his resume. According to the complaint, lonchar, veritas cfo, applied an. The companys stock dove when the truth surfaced kenneth lonchar joined veritas software corp. Fabricated resume costs veritas cfo the edwardsville. How often do people get away with lying or twisting facts. Veritas says books are clean, even if cfos past muddled, dow jones news service 1032002. He went on to become the coach at the university of central florida since. Kenneth lonchar claimed that he got an mba from stanford. He is responsible for the management and compliance of the companys.
Sec accuses former veritas execs of financial fraud san. The chief financial officer at veritas software corp. Ptc cfo joins veritas supply and demand chain executive. It specializes in storage management software including the first commercial journaling file system, vxfs, vxvm, vcs, the personalsmall office backup software backup exec and. Exveritas cfo settles sec fraud suit over fudged earnings. Kenneth lonchar, then chief financial officer of veritas software corp. The following answer is the result of little research which is highly a personal opinion. Unlike many senior executives at much smaller companies, lonchar actually answers his direct line. Claimed unearned master of business administration degree from stanford university.
I regret this misstatement of my educational background, lonchar reportedly said in a statement. Yahoo ceo scott thompsons resume error could get him. Lonchar had resigned as executive vice president and chief financial officer after the company learned that he had misstated his educational. Lonchar resigned as chief financial officer after admitting he falsely claimed to hold an mba from stanford university. Kenneth lonchar has resigned as executive vice president and chief financial officer of veritas software corp. While kens misstatement about his academic credentials is unfortunate. Lonchar, the former chief financial officer of veritas software corporation, in sec v. Thats when it was discovered that he never actually obtained his mba from stanford university, as his resume said. Rates on 30year mortgages edged up this week but hovered near the lowest level on record, which was reached last week.
The former chief executive and four other senior managers of veritas software corp. I regret this misstatement of my educational background, lonchar reportedly said. Veritas finance head resigns amid resume discrepancies wsj. In addition, kenneth lonchar, a former executive with veritas software corp.
Now lonchar, who resigned after the disclosure of the faked credential, is in more trouble. Lonchar key employee agreement this key employee agreement, dated as of the 25th day of april, 1997, is by and between veritas software corporation, a delaware corporation veritas delaware, veritas software corporation. Lonchar claimed on his resume to have received an mba from stanford university. Abbott spinoff ceotobe gonzalez lacks claimed university. The ceo of a major software firm lied about getting an mba from stanford.
Lonchar falsely claimed to have received an mba from stanford university. Veritas cfo resigns over lie on resume computerworld. Sues 5 exexecutives in veritas software fraud case the. Veritas said any deceit appeared to be isolated to lonchars educational credentials. Veritas cfo quits amid resume roil silicon valley business journal. Ken lonchar, that is, cfo of mountain view, californiabased veritas software corp. Securities and exchange commission today announced that, on july 20, 2012, the united states district court for the northern district of california entered a settled final judgment against kenneth e. Veritas software corp the company designs and develops platform for multicloud, data visibility, protection, and storage optimization, as well as provides education, managed, and consulting services. The company said kenneth lonchar had claimed he had a masters of. Veritas cfo ousted after false degree claim houston chronicle. Kenneth lonchar for falsely claiming to have earned a masters degree from nearby stanford business school. He did not earn his degree from arizona state university, but got. Lonchar oct 18, 2009 veritas 1996 chief executive officer compensation plan veritas software corp. Take, for example, kenneth lonchar of veritas software corp.