With the KB Home case, prosecutors hope to improve their dismal trial record in stock-options backdating cases. Of the five cases that have gone to trial, one ended in acquittal, one collapsed, and one of the three convictions was reversed. Prosecutors are focusing the case on CEO Bruce Karatz's profit from the backdated options. It's a relatively new strategy that emerged last month in the government's retrial of former Brocade CEO Gregory Reyes, whose prior conviction was reversed on appeal.
March 08, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In his last three years as chief executive officer of KB Home, Bruce Karatz made $232 million, most of it from stock options of the high-flying homebuilder.
But many more options were backdated so that Karatz could pocket millions of dollars in undisclosed compensation, say federal prosecutors in Los Angeles, who go to trial on Tuesday against Karatz.
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