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Kb homes and backdating

Posted on by Kelkree Posted in Big Ass 2 Comments ⇩

The probe found that no other senior executives had a role in the backdating scheme. Karatz, 65, was convicted in April on charges that he lied about the Westwood-based company's practice of backdating options. Before imposing the sentence, Wright issued a strong rebuke to prosecutors Paul Stern and Harvinder Anand, who had said in court papers that a probation sentence would suggest "that there is a two-tiered system of justice, one for well-connected CEOs who can break the rules, secretly inflate their compensation and lie about it with virtual impunity, while ordinary citizens November 11, By Stuart Pfeifer, Los Angeles Times Bruce Karatz, whose year run as chief executive of home-building giant KB Home was derailed by allegations that he manipulated the value of stock options, was sentenced Wednesday to five years' probation, including eight months of house arrest. District Judge Otis Wright refused to allow Karatz's attorneys to pursue similar misconduct claims, saying he found no evidence of wrongdoing. Only a handful have received prison sentences. District Judge Otis D. CEO Gregory Reyes was convicted of nine counts of fraud and making false statements in connection with options backdating at the networking gear maker. A federal jury in Los Angeles found Bruce Karatz guilty of two counts of mail fraud, one count of lying to company accountants and one count of making false statements in reports to the Securities and Exchange Commission. Karatz retroactively tied the exercise price of his options to dates when the stock was selling for a low price, which increased his profit when he sold the shares. In a brief statement to the judge before the sentence was imposed, Karatz said the criminal prosecution "has been the most difficult time of my life. It was unclear Wednesday when Karatz would begin his house arrest. Karatz's eventual vindication of the last 20 percent of this case. Karatz has long been a target of shareholder activists and labor unions, who accused him of taking more than his fair share of company profit.

Kb homes and backdating


Karatz, Ray and another KB Home executive were forced out in after the company discovered stock options had been favorably dated between and It was unclear Wednesday when Karatz would begin his house arrest. Prosecutors said the misinformation was given to KB accountants and also appeared in a quarterly report filed with the Securities and Exchange Commission. We are planning on Mr. Under the sentence, Karatz will spend eight months confined to his Bel-Air mansion while monitored by a global positioning satellite device. The indictment said Karatz orchestrated the backdating of stock options from to Reyes was originally convicted of similar charges in but an appeals court ordered a new trial, citing prosecutorial misconduct. Karatz, 65, was convicted in April on charges that he lied about the Westwood-based company's practice of backdating options. In March, former Brocade Communications Inc. Companies are allowed to make the options more valuable by backdating them to dates when the stock price was lower, as long as they acknowledge it in public disclosures. Before imposing the sentence, Wright issued a strong rebuke to prosecutors Paul Stern and Harvinder Anand, who had said in court papers that a probation sentence would suggest "that there is a two-tiered system of justice, one for well-connected CEOs who can break the rules, secretly inflate their compensation and lie about it with virtual impunity, while ordinary citizens The maneuver is legal if it is properly accounted for and disclosed to investors. Karatz's lawyer said his client did nothing wrong and was being unfairly prosecuted. Companies can legally backdate stock options to a date when the stock price was lower -- insuring an immediate paper gain -- but they must account for it properly, pay taxes accordingly and report the backdating to shareholders. Karatz's eventual vindication of the last 20 percent of this case. In most of the backdating cases, including the case of Broadcom founders Henry T. A stock option allows an employee to purchase a company's stock at a preset price at a future date. The KB Home case produced one of only a handful of criminal indictments under which executives might lose more than money. Karatz's lawyers argued that he didn't knowingly break any laws and questioned Ray's credibility, noting that he pleaded guilty last year to conspiracy to obstruct justice and agreed to testify in return for leniency. November 11, By Stuart Pfeifer, Los Angeles Times Bruce Karatz, whose year run as chief executive of home-building giant KB Home was derailed by allegations that he manipulated the value of stock options, was sentenced Wednesday to five years' probation, including eight months of house arrest. Boyle praised the judge and said he looked forward to a long relationship with Karatz. CEO Gregory Reyes was convicted of nine counts of fraud and making false statements in connection with options backdating at the networking gear maker. In a brief statement to the judge before the sentence was imposed, Karatz said the criminal prosecution "has been the most difficult time of my life. But Henning said the sentence was proportionate to a crime in which financial damage was hard to define. The SEC and other agencies have investigated more than companies for backdating improprieties since , and there have been some large settlements.

Kb homes and backdating


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