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Former KB Home CEO To Pay Over $7M To SEC

Law360 (September 15, 2008, 12:00 AM EDT) -- The former CEO of homebuilding giant KB Home Inc. has agreed to pay over $7 million to settle charges of stock options backdating with the U.S. Securities and Exchange Commission.

Without admitting or denying the allegations in a complaint filed against him in the U.S. District Court for the Central District of California on Monday, Bruce E. Karatz agreed to pay more than $6.7 million in disgorgement and prejudgment interest and a $480,000 penalty, the agency said. Additionally, Karatz will be barred from serving as an...
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