Two former executives at video game developer Take-Two Interactive Software have pleaded guilty to falsifying business records as part of a stock options backdating scheme.
Patti P. Tay, the company's former chief accounting officer, admitted she made false entries in a spreadsheet tracking the grants, according to Bloomberg News. The company's former general counsel, Kenneth I. Selterman, also admitted he wrote false information in a letter sent to regulators about the options probe.
They entered their guilty pleas in New York State Supreme Court in Manhattan. Tay will be required to disgorge $300,000 in options and money to Take-Two, while Selterman will be fined $50,000 and have to perform 200 hours of community service, along with disgorging additional money and options.
The company, which makes the popular line of Grand Theft Auto video games, has overhauled its management team this year. Former CEO Ryan Brant pled guilty in February and was the first CEO convicted of a charge stemming from stock options backdating.
