HP'ers we have our answer - the first REIC CEO to serve jail time will be KB Homes FORMER CEO Bruce Karata! He resigned in shame last night, haven stolen money from KB shareholders by backdating his own stock options, inflating his greed-fueled pay by over $13,000,000.
Just think what was in this swine's mind as he went to work the past few months, knowing he'd get found out, knowing he'd be on his way to jail. Having $100 Million in the bank doesn't help much when you're wearing the orange jumpsuit and you're Rocky's new girlfriend.
Is Bob Toll next? Can this be any more dot-com-collapse deja-vu?
KB Home CEO resigns after backdating probe
KB Home CEO, President and Chairman Bruce Karatz has resigned after an internal investigation found that he backdated his own stock-option grants to increase his pay and will forfeit about $13 million in gains from the backdating, according to a media report Sunday.
Since 1992, Karatz has reaped nearly $180 million from exercising options, The Journal said, citing Standard & Poor's ExecuComp, a service that tracks executive compensation. Last year, Karatz made more than $150 million from salary, bonus, restricted stock grants and options exercises, The Journal said ExecuComp reported. The options exercises accounted for the bulk of Karatz's pay, The Journal said
November 13, 2006
FLASH: How the mighty will tumble: KB Homes CEO resigns in embezzlement scheme - backdated his own options
Posted by blogger at 11/13/2006