Ex-KB Homes Exec Gets Probation In Backdating Plot

Law360, New York (February 17, 2011, 3:33 PM EST) -- Former KB Homes Inc. human resources chief Gary A. Ray has been sentenced to four months home detention and three years probation for his role in a stock options backdating scheme, following prosecutors' recommendation that he receive no jail time.

The sentence handed down by Judge Otis D. Wright II of the U.S. District Court for the Central District of California on Wednesday also requires Ray to pay a $10,000 fine and serve 600 hours of community service.

“Mr. Ray is pleased to have this four-year...
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