The former chief financial officer of Beazer Homes USA, Inc. will return
the money he made in stocks and bonuses during the time that Beazer Homes
USA was allegedly committing accounting fraud. James O'Leary is expected
to reimburse over $1.4 million that he received after 2006.
Under the The Sarbanes-Oxley Act, some executives are required to pay
back any bonus, incentive pay, and/or stock profits if they were received
during a time when a company was engaged in misconduct and not in compliance
with financial reporting requirements. O'Leary has not been charged
with misconduct by the SEC, although he had not yet reimbursed the funds
until this settlement.
The alleged problems with Beazer Homes USA involved the false documents
filed in 2006 and a scheme that would fraudulently inflate the company's
earnings. Previously, Beazer Home USA's CEO was also required to pay
back bonuses and money made from stocks. Ian McCarthy reimbursed $6.5
million at that time.
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