The Securities and Exchange Commission on Tuesday announced it had cut a deal with the former chief financial officer of Beazer Homes USA that will have him reimburse the firm his bonus compensation and stock sale profits from a time when the homebuilder was committing accounting fraud.
While James O’Leary is not personally charged with misconduct, he will be required to give back more than $1.4 million he received “after Beazer filed fraudulent financial statements during fiscal year 2006,” the SEC said. Regulators had earlier reached settlements with the company and its former chief executive, Ian McCarthy.
Litigation against former Beazer chief accounting officer Michael Rand, who the SEC alleges perpetrated the fraud, is ongoing.
Read more: http://www.foxbusiness.com/2011/08/30/sec-settles-with-former-beazer-cfo/#ixzz1WYGy2Bym
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