The Seattle Times Company. Winner of Eight Pulitzer Prizes. S District Judge Otis Wright said the sentence, which also includes five years of probation and 2, hours of community service, was appropriate for a defendant who had no criminal history and had not been convicted of a violent crime.
He dismissed prosecutors' arguments that excusing the homebuilding giant's former CEO from a harsher sentence would invite claims that he was getting off easy because of his wealth. Karatz had no comment after the hearing as he traded handshakes and kisses with the smiling and teary-eyed supporters who had packed to courtroom.
Greg Boyle, who founded the Homeboy Industries anti-gang program.
Karatz had become a Homeboy Industries volunteer since his conviction in April, court papers showed. Karatz was found guilty of two counts of mail fraud, one count of lying to company accountants and "Options backdating fine homebuilding" count of making false statements in reports to the Securities and Exchange Commission.
He was acquitted on 16 other counts and wright later overturned one of the mail fraud counts. The counts Karatz was convicted of stem from mid, when prosecutors said he concealed and lied about his role in the backdating.
A stock option allows an employee to purchase a company's stock at a preset price at a future date. 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. The maneuver is legal if it is properly accounted for and disclosed to investors. Otherwise, it can allow companies to overstate profits and underpay taxes.
The "recommendation suggests that there is a two-tiered system of justice, one for well-connected CEOs who can break the rules Wright was visibly angered by the suggestion that the recommendation, which he praised, was unfairly lenient. Karatz faced similar charges of manipulating stock options to a case involving several Broadcom Corp. Wright didn't allow Karatz's attorneys to pursue similar misconduct claims, saying he found no evidence of wrongdoing. Former human resources head
Options backdating fine homebuilding Ray testified at trial that his ex-boss helped engineer and benefited from a shift in company policy for awarding stock options, then tried to conceal his moves from investors.
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. Karatz, Ray and another KB Home executive were forced out in after the homebuilder discovered stock options had been favorably dated between and The probe found that no other senior executives had a role in the backdating scheme.
Wright said the loss of Karatz's career and the negative publicity he has received during his trial amounted to punishment that he has already "Options backdating fine homebuilding." When invited to address the court before hearing his sentence, the executive dedicated most of his remarks to his affiliation with Homeboy Industries, which he said had inspired him. The latest business headlines from the Northwest and beyond.
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According to the regulator, Ray backdated stock options for company about the stock option backdating at the Los Angeles-based homebuilder. fine and more than $ million in disgorgement — to settle charges of stock.
rich hunt the backdated options frenzy and the ordeal of greg reyes. Million Of Renovating Old Houses Fine Homebuilding Books · An Essay. Yahoo!
Backdating isn't necessarily illegal as...
to Pay $35 Million Fine for Failing to Disclose Massive Cybersecurity Breach * Stock option backdating. Options backdating fine woodworking, the.
Backdating isn't necessarily illegal as long as the stock options are Still, the loss of Karatz came as KB Home and other homebuilders are. According to the regulator, Ray backdated stock options for company about the stock option backdating at the Los Angeles-based homebuilder. fine and more than $ million in disgorgement — to settle charges of stock. rich hunt the backdated options frenzy and the ordeal of greg reyes. Million Of Renovating Old Houses Fine Homebuilding Books · An Essay. But Wall Street analysts greeted the exit of Karatz and two other executives as positive steps while the Los Angeles-based home construction company looks to weather a steep downturn in the housing market. Former KB Home CEO Bruce Karatz sentenced to five years' probation - latimes Bruce Karatz retiring from home builder; stock rises on mixed response an internal investigation into backdating of stock options at the homebuilder. million charge and any potential fines or shareholder lawsuits "modest. Bruce Karatz, the KB Home ex-chief convicted of hiding backdated stock options a $1 million fine, serve eight months of home detention with electronic on the homebuilders' process of picking option dates had been sent. KB Home, the nation's fifth-largest home builder, said Chief Executive Bruce Karatz has resigned, the latest among more than 50 executives to leave publicly traded companies in the widening scandal over stock-options backdating.
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At the time, the company was the biggest homebuilder in California and Nevada. If the accounting of the perks is bungled, it can exaggerate corporate profits and improperly lower taxes. Low-graphic or text Today's news index.
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KB Home CEO is latest ousted for backdating
The Seattle Times Company. Conqueror of Eight Pulitzer Prizes. S Precinct Judge Otis Wright said the ruling, which as well includes five years of probation and 2, hours of community service, was appropriate for the treatment of a defendant who had no scoundrel history and had not been convicted of a violent felony.
He dismissed prosecutors' arguments that excusing the homebuilding giant's one-time CEO from a harsher sentence would invite claims that he was getting off child's play because of his richness. Karatz had no expose after the hearing as he traded handshakes and kisses with the smiling and teary-eyed supporters who had loaded to courtroom. Greg Boyle, who founded the Homeboy Industries anti-gang program. Karatz had develop a Homeboy Industries volunteer since his conviction in April, court papers showed.
Karatz was found sorrowful of two counts of mail flimflam, one count up of to presence accountants and one compute of making false statements in reports to the Securities and Exchange Commission. He was acquitted on 16 other counts and wright more recent overturned in unison of the mail swindling counts. The counts Karatz was convicted of develop from mid, when prosecutors said he concealed and lied around his character in the backdating.
A stock choice allows an employee to purchase a company's sheep at a preset appraisement at a future friend.
Karatz retroactively tied the exercise demand of his options to dates when the parentage was selling for a low figure, which increased his profit when he sold the shares. The maneuver is legal if it is properly accounted for and disclosed to investors. it can allow companies to hyperbolize profits and underpay taxes.
Bruce Karatz, whose year meander as chief executive of home-building giant KB Well-versed in was derailed by allegations that he manipulated the value of stock options, was sentenced Wednesday to five years' probation, including eight months of den arrest. District Judge Otis D. Wright rejected prosecutors' request for a tedious prison sentence, noting that there was no data that the crimes damaged KB Home or its shareholders. Karatz, 65, was convicted in April on charges that he lied about the Westwood-based company's practice of backdating options.
Prosecutors said the false scent was given to KB accountants and also showed in a quarterly filed with the Securities and Exchange Commission. In a brief statement to the judge before the sentence was imposed, Karatz said the criminal prosecution "has been the better difficult time of my life. But Henning said the sentence was proportionate to a crime in which financial damage was hard to define.
Karatz is one of the most prominent corporate executives to be prosecuted in the government's long-running crackdown on options backdating and one of the not many to be convicted. Single a handful have received prison sentences. A federal probation officer had recommended the sentence that Wright imposed, saying he was swayed by Karatz's stretch history of philanthropy, a while ago clean record and the lack of a economic loss.
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 respite the rules, secretly out their compensation and repose about it with effective impunity, while ordinary citizens Under the sentence, Karatz will spend eight months confined to his Bel-Air mansion while monitored by means of a global positioning retainer device.
He declined to comment about the ruling.
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