CEO of Beazer Receives SEC Notice

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http://online.wsj.com/article/SB10001424052748704431804574539631426818194.html?mod=rss_law
NOVEMBER 16, 2009, 11:31 P.M. ET
CEO of Beazer Receives SEC Notice
By DAWN W OTAPKA And MARK MAREMONT
The Securities and Exchange Commission may move to claw back a portion of the compensation Beazer Homes USA paid its chief executive during a period for which the company later restated earnings.
The Atlanta builder disclosed Monday that Ian J. McCarthy received a Wells notice from the SEC, indicating that the agency’s staff is recommending civil action against the executive.
Such a move would mark the first time the agency has tried to claw back pay from a sitting CEO who wasn’t alleged to have participated in a corporate fraud. But in recent months it has sued at least two former executives for back pay even though they weren’t implicated in wrongdoing, a sign the agency is using the tactic more aggressively.

Published in The Wall Street Journal November 16, 2009 by Dawn W Otapka and Mark Maremont

The Securities and Exchange Commission may move to claw back a portion of the compensation Beazer Homes USA paid its chief executive during a period for which the company later restated earnings.

The Atlanta builder disclosed Monday that Ian J. McCarthy received a Wells notice from the SEC, indicating that the agency’s staff is recommending civil action against the executive.

Such a move would mark the first time the agency has tried to claw back pay from a sitting CEO who wasn’t alleged to have participated in a corporate fraud. But in recent months it has sued at least two former executives for back pay even though they weren’t implicated in wrongdoing, a sign the agency is using the tactic more aggressively.

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