Kb homes and backdating who is jamie fox dating
Karatz in September agreed to pay almost .2 million to settle SEC claims that he fraudulently backdated stock options issued to himself and other employees. pid=20601087&sid=a GHAErm Rv Gj E&refer=home ---------------------------------------- Former KB Home indicted on fraud charges from stock option backdating LOS ANGELES - The U. attorney's office says the former chairman and CEO of KB Home has been named in an indictment charging him with conspiring to defraud the homebuilder and shareholders through a stock option backdating scheme. Prosecutors also accuse Karatz of concealing the scheme to inflate the value of his stock options from an internal investigation.
The former CEO used “hindsight” to pick advantageous dates for options grants from 1999 through 2005, allowing him to collect an extra million, the SEC said in a civil lawsuit. Karatz stepped down in 2006 after it was disclosed that he benefited from favorably dated stock option awards. -------------------------------------- Ex-KB Home CEO Indicted For Stock-Option Backdating WASHINGTON -(Dow Jones)- Former KB Home (KBH) Chief Executive Bruce Karatz was indicted Thursday on criminal charges that he engaged in a stock-options backdating scheme that allowed him and other executives to take in millions of dollars in undisclosed compensation.
SAN FRANCISCO (Market Watch) -- KB Home CEO, President and Chairman Bruce Karatz has resigned after an internal investigation found that he backdated his own stock-option grants to increase his pay and will forfeit about million in gains from the backdating, according to a media report Sunday.
KB Home said Karatz would be succeeded as CEO by Jeffrey T.
Mezger, the company's chief operating officer, The Wall Street Journal reported in its online edition.
See Wall Street Journal story (Subscription required).
Through backdating, companies retroactively change grant dates to periods when share prices were lower, boosting recipients’ profits while potentially distorting earnings. He settled civil charges of backdating stock options in September. Karatz was indicted in a Los Angeles federal court on 20 criminal counts, including mail fraud, wire fraud, securities fraud and making false statements in reports filed with the Securities and Exchange Commission. Prosecutors also allege that Karatz misled internal company investigators about KB Home's stock-options practices.
Heather Reeves, a KB Home spokeswoman, didn’t immediately return a call to her office or respond to an e-mailed request for comment. Prosecutors allege Karatz caused KB Home to grant millions of backdated stock options that were pinned to a date when KB's stock price was at a low point, without reporting the transaction. Karatz retired amid the company's backdating scandal in 2006.
Hirst, the executive vice president and chief legal officer, and Gary A.Karatz, a 34-year veteran of KB Home, had been chief executive since 1986.Karatz had been among the nation's most highly compensated corporate executives, The Journal said.Since 1992, Karatz has reaped nearly 0 million from exercising options, The Journal said, citing Standard & Poor's Execu Comp, a service that tracks executive compensation.Last year, Karatz made more than 0 million from salary, bonus, restricted stock grants and options exercises, The Journal said Execu Comp reported.