Bruce Karatz is a Los Angeles businessman who formerly owned the construction company KB Homes. In September, 2008, Karatz paid $7 million to the Securities and Exchanges Commission to settle a lawsuit that alleged that he illegally backdated certain stock options.LA Biz Observed: The rise and fall of Bruce Karatz (May, 2007)
Karatz's contributions to Bill Clinton's charitable fund the Clinton Foundation are coming under scrutiny as Hillary Clinton prepares for confirmation hearings to become Barack Obama's Secretary of state.New York Post: Bill's Dubious Donors (December 21, 2008)
Karatz and KB
Karatz became CEO of KB Homes, which stands for Kauffman and Broad, in 1986 and its Chairman in 1993. His company grew from building less than 10,000 homes in 1993 to more than 37,000 homes in 2005.
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Fast Facts
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Age
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As part of the SEC settlement, cannot run a public company for five yearsSEC.gov: Bruce E. Karatz: Lit. Rel. No. 20717 (September 15, 2008)
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Alleged backdating was discovered during an internal audit and investigationLA Biz Observed: The rise and fall of Bruce Karatz (May, 2007)
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2005
Named Best Chairman by the American Business AwardsKB Home: Bruce Karatz Biography (PDF)
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His company built a life-sized replica of The Simpsons home for a 1997 FOX and Pepsi cross-promotionNew York Times: A Passion to Own Replica Homes (August 24, 1997)
