Phil Elliott
09:23 (BST)
02/08/2007
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Take-Two founder avoids prison
Ryan Brant receives five years probation
Following on from a guilty plea in his trial over stock options backdating, former Take-Two CEO Ryan Brant has escaped a prison sentence, and been given five years probation instead.
His cooperation with Manhattan District Attorney Robert Morgenthau means that he avoided a potential four-year stint behind bars, although as part of the deal has was also ordered to pay USD 6.3 million to settle a civil suit, as well as a further USD 1 million to the New York city and state officials.
Two other former Take-Two executives also admitted to their part in the affair.
Patti Tay, who had held the role of chief accounting officer, pleaded guilty to falsifying business records in 2001 and 2002 stock options data, and received three years probation and a USD 300,000 fine.
And Take-Two's former general counsel, Kenneth Selterman, admitted providing false information in 2002 and must pay USD 50,000. He was also given probation and sentenced to 200 hours of community service.
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