March 27, 2007
Deja vu WorldCom and Enron anyone? Man, it's like this stuff was pre-written. Get out the paddywagons - here come the arrests (Toll, Mozilo, Karatz, McCarthy, the list could get big - just follow the money)...
FBI Investigating Beazer Homes - BusinessWeek Says Builder Beazer Homes Is Under Investigation; Stock Plunges in Late Trading
NEW YORK (AP) -- Shares of Beazer Homes USA Inc. plunged in Tuesday's aftermarket trading session following a report from BusinessWeek magazine that federal investigators have opened a broad criminal probe of the homebuilder's lending practices, a number of financial transactions, and other matters.
According to BusinessWeek, the North Carolina field offices of the FBI, the Internal Revenue Service, and the Justice Department have opened a joint investigation into Beazer.
FBI spokesman Ken Lucas told the magazine Beazer is being investigated for "all types of (potential) fraud associated with Beazer -- corporate, mortgage, investments."
I'd say tonight's news makes this warm and fuzzy "about us" Beazer profile a bit outdated, eh?
Beazer is a highly regarded industry leader, using technology to improve company efficiency and provide enhanced customer service to homebuyers. A model of financial strength and stability, Beazer Homes USA is listed on the New York Stock Exchange (NYSE: BZH).