Former Take Two chairman Ryan Brant has pled guilty to filing false information as part of a stock-option backdating initiative. The Securities and Exchange Commission (SEC) claimed that Brant had cooked the books to backdate stock option grants when the company's share price fell between April 1997 and September 2003. He then supposedly gave himself and some other Take Two execs options without following the proper protocols, like getting approval from the board of directors. That, my friends, is what's known in financial circles as a "no no." Brant will pay a whopping $7.3 million as penance for dabbling in a life of crime.
Former Take Two Boss Enters Guilty Plea [GamesIndustry.biz]
