HomeLatest NewsFeatured HomebuildersHome Buyer ResourcesBinding ArbitrationResource LinksSubmit ComplaintsView ComplaintsTake Action 101!Report Mortgage FraudMortgage Fraud NewsForeclosure NewsConstruction DefectsHome DefectsPhoto GalleryFoundation ProblemsHomeowner Website LinksHOA Reform
Main Menu
Home
Latest News
Featured Homebuilders
Home Buyer Resources
Binding Arbitration
Resource Links
Submit Complaints
View Complaints
Take Action 101!
Report Mortgage Fraud
Mortgage Fraud News
Foreclosure News
Construction Defects
Home Defects
Photo Gallery
Foundation Problems
Homeowner Website Links
HOA Reform
Featured Topics
Builder Death Spiral
Report Mortgage Fraud
Foreclosure Special Report
Mold & New Home Guide
Special News Reports
Centex & Habitability
How Fast Can They Build Them?
TRCC Editorial
Texas TRCC Scandal
Texas Watch - Tell Lawmakers
TRCC Recommendations
Sandra Bullock
People's Lawyer
Prevent Nightmare Homes
Choice Homes
Smart Money
Weekly Update Message
HOBB Archives
About HOBB
Contact Us
Fair Use Notice
Legislative Work
Your House

 HOBB News Alerts
and Updates

Click Here to Subscribe

Support HOBB - Become a Sustaining Member
Who's Online
ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration

Organizing your community to bring public attention to builder’s bad deeds and seeking assistance from local, state and federal elected officials has proven to be more effective and much quicker for thousands of families. You do have choices and alternatives.  Janet Ahmad

Beazer Officer Faces 11 Federal Indictments
Monday, 30 August 2010

Former Beazer Homes executive indicted
A former chief accounting officer for Beazer Homes USA Inc. was charged in a 11-count federal indictment with conspiracy, securities fraud, obstruction, witness tampering, false statements to a financial institution, misleading conduct, and destruction of records... In July 2009, a federal bill of information was filed in U.S. District Court charging Beazer with, among other things, participation in the conspiracy and securities fraud with Rand. Beazer accepted responsibility for those charges and, in a deferred prosecution agreement, agreed to pay restitution over time up to $50,000,000.

Former Beazer Homes executive indicted
Atlanta Business Chronicle
A former chief accounting officer for Beazer Homes USA Inc. was charged in a 11-count federal indictment with conspiracy, securities fraud, obstruction, witness tampering, false statements to a financial institution, misleading conduct, and destruction of records.

Michael T. Rand, 48, of Alpharetta, appeared Aug. 24 before a U.S. magistrate judge in U.S. District Court in Asheville, N.C., and was ordeed detained pending a detention hearing.

According to the U.S. Department of Justice, the charges arise from an ongoing government investigation involving Atlanta-based Beazer (NYSE: BZH) and its employees. In July 2009, a federal bill of information was filed in U.S. District Court charging Beazer with, among other things, participation in the conspiracy and securities fraud with Rand. Beazer accepted responsibility for those charges and, in a deferred prosecution agreement, agreed to pay restitution over time up to $50,000,000.

According to the indictment, Rand is alleged to have directed an accounting fraud conspiracy to manipulate Beazer’s books and records, to deceive Beazer’s auditors, and to achieve earnings targets, and to boost or lower earnings at Beazer. The conspiracy is alleged to have gone on from at least in or about 2000 through in or about 2007.

The indictment alleges that Rand and others executed the conspiracy in two main ways: First, between 2005 and 2006, it is alleged, Rand entered into a hidden oral side agreement with another company through one of its employees, which was designed to allow Beazer to obtain cash and recognize revenue from purported “sales” of model homes.

This activity was, according to the allegations, in direct contravention of the accounting rules as interpreted by Beazer’s auditors, and, as alleged, was hidden from Beazer’s auditors. Second, between 2000 and 2007, the indictment further alleges, Rand directed and agreed with others to engage in a scheme to commit securities fraud and create false books and records at Beazer by practicing a form of what is commonly known as “cookie jar accounting,” which allowed Rand and others to manipulate Beazer’s publicly reported financial statements.

Read more: Former Beazer Homes executive indicted - Atlanta Business Chronicle
http://atlanta.bizjournals.com/atlanta/stories/2010/08/23/daily44.html?ana=yfcpc

 
Next >
Search HOBB.org

Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


Amazon
Barnes & Noble

NPR Special Report
Part I Listen Now
Perry Home - No Warranty 
Part II Listen Now
Texas Favors Builders

Washington Post
The housing bubble, in four chapters
BusinessWeek Special Reports
Bonfire of the Builders
Homebuilders helped fuel the housing crisis
Housing: That Sinking Feeling

Consumer Affairs Builder Complaints

IS YOUR STATE NEXT?
As Goes Texas So Goes the Nation
Knowledge and Financial Responsibility are still Optional for Texas Home Builders

OUTSTANDING FOX4 REPORT
TRCC from Bad to Worse
Case of the Crooked House

TRCC AN ARRESTING EXPERIENCE
The Pat and Bob Egert Building & TRCC Experience 

Build it right the first time
An interview with Janet Ahmad

Bad Binding Arbitration Experience?
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or call 1-210-402-6800

Homeowner Websites

top of page

© 2019 HomeOwners for Better Building
Joomla! is Free Software released under the GNU/GPL License.