Guilty! Former Take-Two Boss Cops a Plea on Stock Option Charges

February 14, 2007 -
Reuters is reporting that former Take-Two CEO Ryan Brant entered a guilty plea today on charges that he manipulated stock options.

Brant will pay $7.3 million to settle cases brought by the Securities and Exchange Commission (SEC) and Manhattan District Attorney's office. In a statement, Brant said:
I am deeply sorry for my role in the inappropriate manner Take-Two granted incentive stock options. I accept responsibility for my actions, and apologize to the company's shareholders.

Business Week has more, including word that Brant, who could have received a four-year prison sentence for his crimes, will likely receive probation when he is sentenced in August. 

Last month Take-Two announced the results of an internal investigation which revealed that Brant, who left the company in October, had manipulated options.

GamePolitics has learned that the Manhattan D.A. will be holding a press conference at noon today. More details should be forthcoming at that time.

Comments

Well, I haven't paid too much attention to any news on this front from Take-Two, but man, this is really not what they needed. They'd just seen a small improvement of their stock. /cry Take-Two.

Well at least he admitted to it an saved a bunch of people sometime.

Well, this has been coming for quite a while, Rock* is a multi-million dollar corp, unfortunately, when you get to that kind of value, you will always get one or two leeches, be they inside the company using paperwork or outside the company using other methods.

Mostly, it's the Shareholders who will suffer, not a good PR situation for R*, but then they seem to surf the opinion envelope anyway, so I don't see it hurting them in the long term to be honest, it's not as if they are the first ever company to have it's management caught dabbling.

I looked at the headline, and I imagined Phoenix Wright weeping, knowing he has failed his client.

@GoodRobot

Rockstar has got nothing to do with it. It is Take Two that got those problems. Rockstar just makes the games, Take Two is the publisher.

Sorry, too used to saying Rock*, my mistake. It's right there in the article too :-/

I meant Take 2 :)

In the distance, you can hear a nasally-sounding laughing made by a certain enemy of Take2 Interactive...

Least they are cleaning house.

Regrettable, but this isn't the kind of thing that will make me (or anyone else, I'd guess) stop buying their games.

Watch JT try to claim credit for this too.

Let's hope Take Star, I mean Take Two recovers, as they probably will.

Take-Two stock (TTWO) soared on the news today, that means all their troubles are behind them and does not affect current management or studios, just some former executive.

 
Forgot your password?
Username :
Password :

Shout box

You're not permitted to post shouts.
WonderkarpActual Thing, Never Proven :P We All Know That You Dont Need Evidence For Something To Be Real, Huh.01/25/2015 - 9:40am
ConsterAh, that explains it - since the second thing you named is an actual thing, I wasn't sure if you were being sarcastic.01/25/2015 - 7:39am
WonderkarpConster, I was quoting Anita Sarkeesian01/24/2015 - 10:39pm
ZippyDSMleeodd its not wanting to post half the time 0-o01/24/2015 - 10:21pm
ZippyDSMleetest01/24/2015 - 10:21pm
ConsterWonderkarp: did the US actually bomb Japan back to traditional values? My history lessons were eurocentric, so I wouldn't know.01/24/2015 - 9:39pm
ZippyDSMleeeffect like confusion,ect. QTEs are a gimmick that can easily be shallow because you are looking to mess with conditioned responses and nothing messes with them more than random gameplay changes..01/24/2015 - 7:58pm
ZippyDSMleeWonderkarp: They tried to be natural with God Of Wars QTE’s, sometimes it felt random which I hate the most in QTEs. The way you interface with gameplay (press X to get X result) should never rely on randomly generated mechanics unless it’s a status01/24/2015 - 7:57pm
Andrew EisenI've passed your comment on.01/24/2015 - 5:45pm
Neo_DrKefkaHey GamePolitics staff can you guys work out the way the ads are delivered via mobile? Sometimes any attempt to do anything on this site automatically forwards you to download "Flappy bird" on a shady site or another thing. It just hijacks my Safari01/24/2015 - 3:47pm
WonderkarpI feel like the only good QTEs were the ones in the God of War series. I dont know why though.. maybe its the visceral carnage01/24/2015 - 1:13pm
ZippyDSMleeprh99: QTEs are dumb I ever understood the need for them outside being cheap and wanting to pad mechanics with scripted events that use only a few buttons.01/24/2015 - 12:58pm
InfophileAnd a more detailed breakdown of expenses here: http://imgur.com/L46SUMw01/24/2015 - 12:42pm
InfophileFor anyone still complaining about where the funding for Tropes vs. Women went: https://www.dropbox.com/s/q4z6qa561roidh5/femfreq_annualreport2014.pdf?dl=0 (page 16) Not that this will actually stop claims of fraud, but it's good to have a counter.01/24/2015 - 12:38pm
prh99Linux kernel patch breaks Witcher 2. Apparently it was a wrapped Windows version instead of native port. http://m.slashdot.org/story/21270301/24/2015 - 11:12am
prh99I am not a fan of QTEs. Toggle joystick to break away from an enemy is ok...01/24/2015 - 12:26am
Goth_Skunk@WonderKarp: *fistbump*01/24/2015 - 12:00am
ZippyDSMleeIts like they took the fiction from soemthing else and tried to impose it on the Turok IP 0-o01/23/2015 - 10:14pm
ZippyDSMleeuhg I mean they did not need the dumb story and needed more unreal crazy combat.01/23/2015 - 10:13pm
ZippyDSMleestyle gameplay not generic shooter stuff.01/23/2015 - 10:11pm
 

Be Heard - Contact Your Politician