SEC Recoups Bonus of Former Beazer Executive Under Sarbanes-Oxley

more+
less-

On August 30, the Securities and Exchange Commission announced a settlement with the former chief financial officer of Beazer Homes USA to recover more than $1.4 million in bonus and stock profits that he received after the home builder filed fraudulent financial statements during fiscal year 2006.

Although the chief financial officer, James O’Leary, was not himself charged with wrongdoing, the SEC claimed in its complaint that it was required under Section 304 of the Sarbanes-Oxley Act to recoup the money on behalf of Beazer. The SEC argued that money can be recouped based on required certifications that O’Leary made pursuant to Section 302 of the Sarbanes-Oxley Act in Beazer’s quarterly and annual reports concerning the accuracy of Beazer’s financial statements. The SEC’s settlement with O’Leary is subject to court approval.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Katten Muchin Rosenman LLP | Attorney Advertising

Written by:

more+
less-

Katten Muchin Rosenman LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×