A federal jury on Wednesday found the former chief executive officer of KB Home guilty of depriving shareholders of his honest services and lying about the backdating to outside auditors and the U.S. Securities and Exchange Commission.
The defendant, Bruce Karatz, 64, was convicted on two counts of mail fraud, one count of making false statements in a quarterly report filed with the SEC and one count of making false statements to KB Home’s accountants. He was acquitted on five counts of mail fraud, five counts of wire fraud, three counts of securities fraud and three counts of making false statements in a proxy statement.
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