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.

 
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MaskedPixelanteNumber 3: Night Dive was brought to the attention of the public by a massive game recovery, and yet most of their released catalogue consists of games that other people did the hard work of getting re-released.04/17/2014 - 8:46pm
MaskedPixelanteNumber 2: If Humongous Entertainment wanted their stuff on Steam, why didn't they talk to their parent company, which does have a number of games published on Steam?04/17/2014 - 8:45pm
MaskedPixelanteNumber 1: When Night Dive spent the better part of a year teasing the return of true classics, having their big content dump be edutainment is kind of a kick in the stomach.04/17/2014 - 8:44pm
Matthew Wilsonhttp://www.giantbomb.com/articles/jeff-gerstmann-heads-to-new-york-takes-questions/1100-4900/ He talks about the future games press and the games industry. It is worth your time even though it is a bit long, and stay for the QA. There are some good QA04/17/2014 - 5:28pm
IanCErm so they shouldn't sell edutainment at all? Why?04/17/2014 - 4:42pm
MaskedPixelanteNot that linkable, go onto Steam and there's stuff like Pajama Sam on the front-page, courtesy of Night Dive.04/17/2014 - 4:13pm
Andrew EisenOkay, again, please, please, PLEASE get in a habit of linking to whatever you're talking about.04/17/2014 - 4:05pm
MaskedPixelanteAnother round of Night Dive teasing and promising turns out to be stupid edutainment games. Thanks for wasting all our time, guys. See you never.04/17/2014 - 3:44pm
Matthew WilsonAgain the consequences were not only foreseeable, but very likely. anyone who understood supply demand curvs knew that was going to happen. SF has been a econ/trade hub for the last hundred years.04/17/2014 - 2:45pm
Andrew EisenMixedPixelante - Would you like to expand on that?04/17/2014 - 2:43pm
MaskedPixelanteWell, I am officially done with Night Dive Studios. Unless they can bring something worthwhile back, I'm never buying another game from them.04/17/2014 - 2:29pm
PHX Corphttp://www.msnbc.com/ronan-farrow/watch/video-games-continue-to-break-the-mold-229561923638 Ronan Farrow Daily on Video games breaking the mold04/17/2014 - 2:13pm
NeenekoAh yes, because by building something nice they were just asking for people to come push them out. Consequences are protested all the time when other people are implementing them.04/17/2014 - 2:06pm
Matthew Wilsonok than they should not protest when the consequences of that choice occur.04/17/2014 - 1:06pm
NeenekoIf people want tall buildings, plenty of other cities with them. Part of freedom and markets is communities deciding what they do and do not want built in their collective space.04/17/2014 - 12:55pm
Sora-ChanI realize that they have ways getting around it, but one reason might be due to earthquakes.04/17/2014 - 4:42am
Matthew WilsonSF is a tech/ economic/ trade center it should be mostly tail building. this whole problem is because of the lack of tail buildings. How would having tail apartment buildings destroy SF? having tail buildings has not runed other cities around the US/world04/16/2014 - 10:51pm
Matthew WilsonAgain the issue is you can not build upwards anywhere in SF at the moment, and no you would not. You would bring prices to where they should have been before the market distortion. those prices are not economic or socially healthy.04/16/2014 - 10:46pm
ZippyDSMleeYou still wind up pushing people out of the non high rise aeras but tis least damage you can do all things considered.04/16/2014 - 10:26pm
ZippyDSMleeANd by mindlessly building upward you make it like every place else hurting property prices,ect,ect. You'll have to slowly segment the region into aeras where you will never build upward then alow some aeras to build upward.04/16/2014 - 10:25pm
 

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