Ex-KB Home VP Settles SEC Backdating Charges

Law360, New York (May 15, 2009, 12:00 AM EDT) -- The former head of human resources at KB Home Inc. has agreed to pay nearly $600,000 to end the U.S. Securities and Exchange Commission's allegations that he backdated stock options granted to himself and other employees at the homebuilding giant.

As part of a deal filed Thursday in the U.S. District Court for the Central District of California, Gary A. Ray promised to disgorge more than $540,000 including interest and pay a civil fine of $50,000.

Because the SEC considers the disgorgement already paid through the...
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