Veritas chief financial officer and executive vice president kenneth lonchar resigned from his post thursday, admitting that he had fabricated a stanford business degree on his resume. There is no doubt we face perhaps the most challenging time in uniteds history, the ceo. Very good, says veritas of first quarter thestreet. Importance of background checks at employment profile. The falsification was discovered by the veritas board of directors, the boards audit committee, and independent auditors. Veritas software technology corporation in phoenix, az. That didnt stop kenneth lonchar from lying about having a masters degree. Securities and exchange commission today announced that, on july 20, 2012, the united states district court for the northern district of california entered a settled final judgment against kenneth e. Oct 16, 2019 kenneth lonchar resigned as cfo of veritas software corporation in 2002 for lying about a stanford mba. Feb 11, 2009 case in point is that of kenneth lonchar of veritas. Veritas cfo ousted after false degree claim houston. Valley, said today it fired cfo kenneth lonchar for falsely claiming to have earned a.
Abbott spinoff ceotobe gonzalez lacks claimed university. Veritas stock dropped 17 percent after the news surfaced. Previous to kenneth s current city of fremont, ca, kenneth lonchar lived in mountain view ca. Heres a story about fradulent resumes from news observer publications. Speaking at the robertson stephens technology conference on wednesday, lonchar. Lonchar fabricated his education, saying he earned an accounting degree from arizona state university and was a. The shock of the fiveyearold kenneth lonchar resume scandal reverberated again a few months ago, when the oncecelebrated former veritas software cfo and four other exexecutives were charged with filing false financial statements for veritas the latin word, of course, for truth. Veritas software corporation veritas from april 1997 until his resignation in october 2002. Sep 30, 2002 kenneth lonchar has resigned as executive vice president and chief financial officer of veritas software corp. Kenneth lonchar previous chairman for veritas software.
Jul0207 the us securities and exchange commission sec filed civil charges against the former chief executive mark leslie and four other senior managers of veritas software corp. Kenneth lonchar e, 62 fremont, ca background report at. The former chief financial officer of veritas software corp. Product features veritas services and operations readiness tools sort. District court for the northern district of california on july 20 entered a settlement between the former chief financial officer of veritas software. Veritas cfo resigns over lie on resume computerworld. Veritas software, the storage systems business, on thursday announced the resignation of kenneth lonchar, its chief financial officer, after revelations that he lied about receiving an mba from stanford university. The company has its origins in tolerant systems, founded in 1983 and later renamed veritas software. In 2002, it came to light that lonchar padded his academic credentials. Veritas software technology corporation is an arizona profit filed on november, 1991. Kenneth lonchar resigned his chief financial officer position at veritas software in 2002 when it came to light that he didnt have the stanford university m.
Lonchar falsely claimed to have received an mba from stanford university. Kenneth lonchar veritas software corporation vrts the. That didnt stop kenneth lonchar from lying about having a masters degree in business. Dont let a background check knock out your candidacy. Lonchar has served as chief financial officer and senior vice president, finance of veritas since january 1999. Ceo of worlds largest luggage maker resigns after resume. Any csuiter worth their salt will see it as a sound business practice and an important part of due diligence prior to partnership. Yahoo ceo scott thompson was fired in 2012, and veritas software cfo kenneth lonchar was fired in 2002 both for lying about their education before they were hired. Veritas stock, an influential component of the closely followed nasdaq 100, tumbled 19 percent thursday after cfo kenneth lonchar resigned following managements discovery that. Nov 05, 2002 and chief financial officer kenneth lonchar was forced to resign from software firm veritas over inflated academic credentials. Veritas software forced its chief financial officer kenneth lonchar to. Veritas software whose name is latin for truth said lonchar resigned as cfo and executive vice president after officials discovered he lied about getting an mba from stanford.
In 2003, the department of homeland security discovered that the resume of laura callahan, associate deputy of the chief information office, listed questionable degreesa bachelor. Lonchar lost his cfo job at veritas software for lying about his educational credentials. Sometimes kenneth goes by various nickname including kenneth e lonchar. Kenneth lonchar is senior vice president and chief financial officer of. Kenneth lonchar, chief financial officer of veritas software. Jun, 2016 veritas technologies will release version 8 of its flagship netbackup software later this year, but the programs roots go back almost 30 years, starting with a problem at a chrysler data center. The mountain viewbased company said thursday it had recently become aware that lonchar had misstated his educational credentials. Kenneth lonchar claimed that he got an mba from stanford. Kenneth lonchar overview kenneth lonchar has been associated with one company, according to public records.
Lonchar s civil penalty is the largest of any other individual in the suit. Yale puts its trust in new head coach tony reno hartford. Four years later, loncharwon cfo magazines excellence award for managing external. Vetting your candidates dont forget the executives. Executive background checks pre employment executive screening. Veritas software s chief financial officer kenneth lonchar resigned in 2002 after admitting he lied about having a masters degree in business administration from stanford university. Lonchars claim that he had received an mba from stanford university was false. The company was incorporated in florida, texas, california, and. Veritas cfo resigns over falsified resume thestreet. Veritas software get reporcfo kenneth lonchar gave an upbeat assessment of business for the first quarter. Lonchar, the former chief financial officer of veritas software corporation, in sec v. Through an oem agreement, vxfs is used as the primary filesystem of the hpux operating system.
Mar 27, 2017 kenneth lonchar, evp of veritas software claimed to have received an accounting degree from arizona state university and an mba from stanford. Show storage fundation product features matrix, show product features filter by product, product version, platform. Veritas cfo steps down executive admits he lied about. Veritas named one of 20 coolest cloud storage vendors of 2020 data protection pioneer veritas has become a market leader with a strong focus on cloudbased data protection and data management. Kenneth lonchar resigned as cfo of veritas software corporation in 2002 for lying about a stanford mba. Can you lose your job if you lied on your application. The company was incorporated in florida, texas, california, and california thirtyseven years ago. The spotlight has been brought to shine on the issue of executives lying in their resumes after allegations were levelled against yahoo ceo scott thompson that he lied about his college degree.
When that was uncovered, the companys stock fell 16%. Former veritas exec settles with sec legal newsline. He did not earn his degree from arizona state university, but got. While he attended the program from 197276, he never obtained the sheepskin. While kens misstatement about his academic credentials is unfortunate. Exveritas cfo settles sec fraud suit over fudged earnings. In addition, kenneth lonchar, a former executive with veritas software corp. In 2002, it was revealed that kenneth lonchar, then cfo of veritas software, had not earned degrees he claimed, including an mba from stanford university. Criminal record lying about your background or criminal record may land you the interview or job, but it can also cost you the job when your employer discovers the truth. Sec settles litigation with former veritas software corporation chief financial officer the u. Lonchar had resigned as executive vice president and chief financial officer after the company learned that he had misstated his educational. Veritas finance head resigns amid resume discrepancies wsj. Oct 03, 2002 veritas stock, an influential component of the closely followed nasdaq 100, tumbled 19 percent thursday after cfo kenneth lonchar resigned following managements discovery that he lied about. The veritas software corporation doesnt exist anymoreit became a part of symantec in 2005but when it did, from 1989 to the mid2000s, it was embroiled in one of the most damning cases of resume dishonesty in history.
Kenneth lonchar, cfo of veritas software corporation, was fired for stating on his resume that he had a masters degree from stanford university when, in reality, he did not even have an mba. Veritas cfo quits amid resume roil silicon valley business. Veritas cfo ousted after false degree claim houston chronicle. The company said kenneth lonchar had claimed he had a masters of business administration from stanford university. The high cost of careless hiringhiring an applicant who turns out to have been lying can be an expensive mistake for a company and it can sting even more if the lying could have been. The companys filing status is listed as appointed 111991 and its file number is f00483582.
A brief course in education verifications hireright. Sallaberry knowingly participated in a fraudulent scheme by artificially inflating veritas publicly reported revenues and earnings through a. Lonchar resigned as chief financial officer after admitting he falsely claimed to hold an mba from stanford university. Kenneth lonchar s birthday is 02031958 and is 62 years old. In 2002, the companys cfo, kenneth lonchar was askedforced to resign his post due to. In 2002 they discovered their executive vice president and chief financial officer, kenneth lonchar, had fabricated his educational background, claiming an mba when he only possessed an undergraduate degree. Lonchar is responsible for overseeing the overall financial functions of the company. Extensive history many executives have decades of experience, and verifying the. We trust that tony reno earned a degree in history at worcester state in 1997 before completing a masters of science in health education there in 2000. He did not earn his degree from arizona state university, but got it from idaho state.
The registered agent on file for this company is c t corporation system and. Kenneth lonchar, evp of veritas software claimed to have received an accounting degree from arizona state university and an mba from stanford. I regret this misstatement of my educational background, lonchar reportedly said in a statement. The company, headquartered in silicon valley, said today it fired cfo kenneth lonchar for falsely claiming to have earned a masters degree from nearby stanford business school. Bloom said lonchar joined veritas through a merger with. Nov 21, 2007 the shock of the fiveyearold kenneth lonchar resume scandal reverberated again a few months ago, when the oncecelebrated former veritas software cfo and four other exexecutives were charged with filing false financial statements for veritas the latin word, of course, for truth. Exveritas cfo wants more claims cut in sec fraud suit. Veritas cfo resigns over education lie the honolulu.
The chief financial officer of veritas software has left the company after it was revealed that he had false credentials on his resume. Lonchar claimed he had an mba from stanford, turns out he did not hold an mba from any school. With online defragmentation and resize support turned on via license, it is known as onlinejfs. Cfo kenneth lonchar, the trouble started in the fall of 2002. So, why do you need to run an executive background check on your new csuite execs. Lonchar left his position as chief financial officer of veritas software after the company learned that he falsely claimed to have an m. Naacp leader isnt black and other notable forgeries. Dunlap erased two jobs from his employment history after being terminated from. The chief financial officer at veritas software corp. There are 4 individuals that go by the name of kenneth lonchar. The company, a maker of data storage and backup software whose name ironically means truth in latin, praised lonchar s work and said it was saddened by the circumstances of his departure. Some may even see asking to run an executive background check as rude, insubordinate, or even insolent, even if it isnt really true.
Oct 03, 2002 veritas said any deceit appeared to be isolated to lonchar s educational credentials. That didnt stop kenneth lonchar from lying about having a masters degree in. Lonchar key employee agreement this key employee agreement, dated as of the 25th day of april, 1997, is by and between veritas software corporation, a delaware corporation veritas delaware, veritas software corporation. Ex veritas software cfo kenneth lonchar kenneth lonchar may not have had a masters in business administration from stanford, but even if he. Four years later, lonchar won cfo magazines excellence award for managing external. Kenneth lonchar has resigned as executive vice president and chief financial officer of veritas software corp. Sec charges five former officers of veritas software corporation with participating in accounting fraud scheme.
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