ATLANTA (CN) – The CFO of Beazer Homes will cough up $1.4 million in bonuses and stock profits he “earned” while the company was committing accounting fraud, the SEC said.
James O’Leary was not personally charged with misconduct, but has to pay back the money under Section 304 of the Sarbanes-Oxley Act, the SEC said in announcing the settlement, which must be approved by a federal judge.
The SEC previously settle with Beazer CEO Ian McCarthy, who repaid the company $6.5 million in cash and 118,866 in shares, his entire “incentive bonus” for fiscal year 2006, when the book-juggling occurred. As is customary with SEC settlements, McCarthy did not admit he did anything wrong, though he coughed up the money and stock.
Litigation against former Chief Accounting Officer Michael Rand is continuing.