Take-Two Execs Settle SEC Backdating Claims

Law360, New York (August 3, 2009, 5:59 PM EDT) -- Two former executives of video game maker Take-Two Interactive Software Inc. have settled U.S. Securities and Exchange Commission allegations that they falsified documents to help their former chairman and CEO fraudulently backdate stock options, the SEC announced Monday.

The SEC filed its complaint against former General Counsel Kenneth Selterman and former Chief Accounting Officer Patti Tay in the U.S. District Court for the Southern District of New York on Friday.

Tay and Selterman pled guilty to criminal charges in connection with the backdating in 2007....
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