The U.S. Securities and Exchange Commission settled a suit with Beazer Homes USA Inc.'s former finance chief over stock-sale bonuses he got while the homebuilder's accounting statements were out of compliance with federal law.
James O'Leary, the ex-CFO, must reimburse the company more than $1.4 million that he received after Beazer filed fraudulent financial results for fiscal 2006, the SEC said today in a statement. The agency accused the Atlanta-based homebuilder of falsifying reports to overstate income.
"The CFO got incentive compensation and profits at a time when the company was putting out inaccurate numbers, and pursuant to the settlement he returns the incentive compensation," Bill Hicks, an SEC lawyer in Atlanta, said in a phone interview.
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