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.