Former Beazer CFO to pay $1.4 million
The Securities and Exchange Commission (SEC) has announced a settlement with the former chief financial officer of Beazer Homes USA to recover his bonus compensation and stock sale profits from the period when the Atlanta-based home builder was committing accounting fraud, according to an Aug. 30 announcement.
According to the SEC’s complaint, filed in federal court in Atlanta, James O’Leary is not personally charged with misconduct, but is still required under Section 304 of the Sarbanes-Oxley Act to reimburse Beazer more than $1.4 million that he received after Beazer filed fraudulent financial statements during fiscal year 2006. The SEC’s settlement with O’Leary is subject to court approval.
“Section 304 of the Sarbanes-Oxley Act encourages senior management to take affirmative steps to prevent fraudulent accounting schemes from occurring on their watch,” said Rhea Kemble Dignam, director of the SEC’s Atlanta regional office. “O’Leary received substantial incentive compensation and stock sale profits, while Beazer was misleading investors and fraudulently overstating its income.”
Without admitting or denying the SEC’s allegations, O’Leary agreed to reimburse Beazer $1,431,022 in cash within 30 days of entry of the court order approving the settlement. This amount includes O’Leary’s entire fiscal year 2006 incentive bonus: $1,024,764 in cash incentive compensation and $131,733 previously received from Beazer in exchange for all restricted stock units he received as additional incentive compensation for fiscal year 2006. The settlement amount also includes $274,525 in stock sale profits.
Earlier this year, the SEC reached a settlement with Beazer CEO Ian McCarthy to recover several million dollars in bonus compensation and stock profits that he received. Beazer settled an SEC enforcement action in September 2008, and the SEC charged its former chief accounting officer Michael Rand in July 2009. The litigation against Rand, whom the SEC claims perpetrated the fraud, is still ongoing.
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USGBC announces 10,000th LEED-certified building
The U.S. Green Building Council (USGBC) has announced a major milestone: The Green Building Certification Institute (GBCI) has certified the 10,000th LEED commercial project.
“Business leaders around the globe are using LEED to design, build, maintain and operate their buildings,” said Rick Fedrizzi, president, CEO and founding chair, U.S. Green Building Council. “Ten thousand commercial certified buildings stand as a powerful example that a strong triple bottom line translates to real, tangible success.”
The Live Oak Family Resource Center in Santa Cruz, Calif., which was awarded LEED Platinum by GBCI, earned the 10,000th distinction. The community center is a place for families to come for guidance, information and referrals on childbirth and parenting, health education and services, youth and senior programs, food distribution and other community needs.
LEED fully launched in 2000 with the first rating system for new construction and major renovation projects, according to the USGBC. Since its creation, LEED has certified more than 1.4 million sq. ft. of new and existing buildings every day.
“We’ve just scratched the surface of what’s possible in the green building field,” Fedrizzi added. “In 10 short years, we’ve fundamentally changed how we construct and operate buildings and communities, and during that time LEED has continued to evolve, pushing sustainable building practice forward with each evolution. But there’s much more to do.”
It would be a lot better when
It would be a lot better when we would all be able to switch to green building and most importantly green concept of living. Before we could achieve that we need to make sure that we are doing our bit to keep the environment safe and sound. To keep our environment clean we could go for junk removal services like Pentiction junk removal.
Weyerhaeuser drops iLevel name
Weyerhaeuser has announced its decision to transition all of its wood products back to the Weyerhaeuser name. Going forward, the “iLevel by Weyerhaeuser” business will simply be known as Weyerhaeuser.
Weyerhaeuser is making the name change to “simplify customer contacts and leverage the widespread recognition of the Weyerhaeuser identity,” the announcement said. “Our customers and vendors know us best as ‘Weyerhaeuser,’ so we are returning to what is most familiar to them,” said Larry Burrows, Weyerhaeuser’s SVP wood products.
Customers will still have access to the same sales representatives and building materials, including the full range of engineering wood products, the company said.
It's about time! This had to
It's about time! This had to be yet another example of top management out of touch with the business and their customers. My guess is that a high-paid consultant was retained to come up with "a new direction." Dropping the Weyerhaeuser name made no sense. It's like Coke changing its formula. Where do the so-called "leaders" of so many builder material companies come from?? The level of mis-management is shameful.