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Take-Two Officials Plead Guilty In Options Case

Law360 (July 20, 2007, 12:00 AM EDT) -- The former general counsel and ex-chief accounting officer of Take-Two Interactive Software Inc. have admitted to misrepresenting business records in relation to improper backdating of stock options.

Former general counsel Kenneth Selterman and former comptroller and accounting officer Patti Tay each pled guilty to one misdemeanor count in New York State Supreme Court in Manhattan, according to Manhattan District Attorney Robert M. Morgenthau.

Selterman, who entered a guilty plea on June 6, will pay a $50,000 fine and may have to serve up to 200 hours...
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