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Beazer Homes CEO McCarthy may face civil charges
Headline Legal News |
2009/11/16 02:43
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pFederal regulators have notified Beazer Homes USA Inc. that its top executive could face civil charges over incentive compensation./ppThe notification comes more than a year after the Atlanta-based homebuilder settled a Securities and Exchange Commission investigation into its financial statements./ppBeazer Homes said in a regulatory filing Monday that SEC staff issued a so-called Wells notice to CEO Ian McCarthy. That means the staff intends to recommend civil charges against McCarthy for possible securities violations. Recipients of the notices can respond to the allegations before the commission decides on any enforcement action./ppBeazer said McCarthy intends to respond to the notice, which is not a formal allegation nor a finding of wrongdoing./ppBeazer said the SEC staff recommended action against McCarthy to collect certain incentive compensation and other amounts allegedly due under the Sarbanes-Oxley Act of 2002. The company's filing did not disclose how much compensation is involved, or other details about the disputed pay.
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