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: Legal Pad | LA

Karatz opts for a not guilty plea

By Richard Binder

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Former KB Home Chief Executive Bruce Karatz entered a not guilty plea before U.S. District Court Magistrate Judge Jeffrey W. Johnson in Los Angeles. Earlier this month Karatz was indicted on charges of manipulating stock options and concealing his actions from investors and regulators.

If convicted on all 20 felony charges, Karatz could face a maximum punishment of 415 years in prison.  Regulators say Karatz personally netted more than $7 million from the backdating of options at Westwood-based KB Home. He served as chairman and chief from 1986 to 2006, when he resigned. 

Free on $750,000 bond secured by his Bel-Air mansion, Karatz appeared in court with attorney John Keker of the San Francisco law firm of Keker & Van Nest. A trial date is scheduled for May 19.

Details at LA Times, which also links to a story that features praise for Karatz from friends and colleagues.

Full post as published by Legal Pad | LA on March 30, 2009 (boomark / email).

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