KB Home’s Ex-CEO Must Pay $7.2 Million

     LOS ANGELES (CN) – The former CEO of Los Angeles-based homebuilder KB Home will disgorge more than $6.7 million he made by fraudulently backdating 2.9 million stock options, pay a $480,000 fine and is barred from directing a public company for 5 years, the SEC said in a settled complaint.

      Bruce E. Karatz, 61, of Los Angeles cherry-picked his option dates from 1999 through 2005, the SEC says. He resigned in November 2006.

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