(REUTERS) - A former computer programmer for Bernard Madoff was sentenced to 2-1/2 years in prison on Wednesday for helping the imprisoned fraudster carry out his multibillion dollar Ponzi scheme. District Judge Laura Taylor Swain also ordered Perez to forfeit a symbolic .7 billion jointly with other defendants who worked at Bernard L.The sentencing of George Perez, who worked at Madoff's firm from 1991 until its collapse in 2008, came nine months after a Manhattan federal jury found him guilty and a day before the sixth anniversary of Madoff's arrest. Madoff Investment Securities LLC."He must be punished in a way that's severe and commensurate with his crimes," she said.Cases of backdating employee stock options have drawn public and media attention.According to a study by Erik Lie, a finance professor at the University of Iowa, more than 2,000 companies used options backdating in some form to reward their senior executives between 19. (ACS) was a company that provided information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS was ranked at number 341 on the 2010 Fortune 500 list. ACS expanded beyond banking BPO services when it signed a 10-year data processing outsourcing contract with Southland Corporation. In 1995 ACS became a public company and divested bank data processing. Initially created as a data services provider to the financial services industry, Deason led ACS’ expansion into the communications, education, financial services, government, healthcare, insurance, manufacturing, retail, and travel and transportation industries.Perez, 48, was the fourth of five former employees to be sentenced following their convictions in March on all counts, including securities fraud and conspiracy in the first criminal trial over Madoff's Ponzi scheme.
On Tuesday, former Manager Annette Bongiorno and Computer Programmer Jerome O' Hara received six years and 2-1/2 years, respectively. attorney, ahead of Perez being sentenced, urged Swain to avoid issuing further light sentences for the Madoff defendants to avoid setting a precedent in future fraud cases."Judges will have to explain how small-time crooks in front of them were worse than the defendants in this case," he said.
In February 2010, following its acquisition by Xerox, ACS was replaced by Urban Outfitters on the Standard & Poor 500 Index.
On July 29, 2016 the US District Court for the Southern District of New York dismissed the lawsuit pursued by Matthew Sciabacucchi.
In 1972, a new revision (APB 25) in accounting rules resulted in the ability of any company to avoid having to report executive incomes as an expense to their shareholders if the income resulted from an issuance of “at the money” stock options.
In essence, the revision enabled companies to increase executive compensation without informing their shareholders if the compensation was in the form of stock options contracts that would only become valuable if the underlying stock price were to increase at a later time.