SEC accuses former Beazer Homes official of fraud
The Securities and Exchange Commission charges the former chief accounting officer at Beazer Homes USA with committing fraud and misleading company auditors.
The SEC says in a complaint filed in federal court in Atlanta that Michael T. Rand of Sandy Springs fraudulently decreased Beazer's reported net income by recording improper accounting reserves during certain periods between 2000 and 2005.
The agency says he did so to meet or exceed analysts' expectations for Beazer's diluted earnings per share and maximize yearly officer and senior employee bonuses.
The SEC says Rand began reversing these improper reserves beginning in the first quarter of 2006 in order to offset Beazer's declining financial performance.
Beazer had said previously that its former chief accounting officer may have inflated reserves and other accrued liabilities in earlier periods.
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