Take-Two execs plead guilty to faking records

Written by Joe Martin

July 23, 2007 | 11:39

Tags: #2k #bach #bioshock #bloomberg #business #gta #liberty-city #manhunt #san-andreas

Companies: #rockstar #take-two

Take-Two's former Chief Accounting Officer and former lawyer, Patty Tay and Kenneth Selterman, have announced they are pleading guilty to charges of falsifying business records whilst working at Take-Two.

As reported by Bloomberg, Patty Tay and Kenneth Selterman have entered guilty pleas after an employee stock options backdating investigation revealed their crimes.

This isn't the first time that game publishers have been found to have been fiddling with company records and, in February, Take-Two's former Chief Executive Officer, Ryan Brant, also pleaded guilty to falsifying records. Brant was punished with a $7.26 million fine and five years probation.

Recently, Robbie Bach has also come under suspicion of corruption from gaming communities too. Robbie, President of Microsoft's Entertainment Division, sold off $6.2 million of Xbox 360 stocks without pre-scheduling the sales, just before Peter Moore pledged $1 billion to fix the admittedly faulty hardware of the Xbox 360.

Peter Moore then left Microsoft to head up EA Sports just before Microsoft posted losses of $1.9 billion for the Xbox line.

Take-Two replaced the entire management team earlier this year in response to the false records scandal, hoping that the new managers would be able to turn around five quarters of consecutive losses for the company.

Can we trust game publishers and large corporations? Does it matter anyway? Drop us your thoughts and confessions in the forums.
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