Aug articles on stock option backdating
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Such companies as Broadcom, Apple, Deloitte & Touche, and others got caught up in investigations.
The reason CEOs and boards hid the activity was the second part of the controversy.
“What I continue to value from my time as the CEO of KB Home is the fact that we successfully built a strong company, created more than 5,000 good-paying jobs and executed upon a business strategy that created very, very significant shareholder value.”Defense attorney John Keker said Karatz intended to appeal the convictions. “We’re very disappointed about the other four charges. Legal experts said Karatz probably would face a sentence of anywhere from probation to 10 years in prison. In 2006, facing increased scrutiny of stock option grants by the Securities and Exchange Commission and the Justice Department, KB Home hired an outside law firm to investigate its options policies.
We’ll continue to fight those counts because he was innocent.” The four charges carry a maximum possible sentence of 80 years in federal prison, a U. After that investigation, Karatz retired under fire from KB Home and the company agreed to restate earnings, accounting for million in undisclosed options-related compensation.