SEC Sues Beazer CEO To Recoup Fraud-Derived Funds

Law360, New York (November 16, 2009, 12:51 PM EST) -- The U.S. Securities and Exchange Commission is planning to sue the CEO of Beazer Homes Inc. in an effort to retrieve incentive compensation and other ill-gotten gains stemming from an alleged accounting fraud that led to the restatement of more than $60 million in earnings.

On Friday, the agency issued a wells notice to Ian McCarthy, revealing its intention to sue the CEO in order to seize the funds in dispute.

"[The staff of the SEC] has preliminarily determined to recommend that the commission bring a...
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