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The indictment does not say exactly how much Karatz may have gained as a result.But when he left the company in 2006, KB required Karatz to pay back million the company said he personally gained as a result of backdating.Ray, who pleaded guilty one year ago to conspiring to obstruct justice in connection with the stock-option backdating probe that began in 2006, is set to be sentenced July 12. He is expected to be one of the prosecution's chief witnesses against Karatz. "The recent decisions in the backdating trials," he said, "show just how misguided the criminal prosecution of these option-pricing cases is." [email protected] --------------------- NEW Prosecutors allege former KB Home chief padded his pay Former KB Home chief executive Bruce Karatz was accused today of padding his pay and lying about it during the opening day of his trial in Los Angeles federal court for illegal stock-option manipulation. Attorney Alex Bustamante told the downtown jury Karatz was driven by greed and deserved to be convicted on all counts.Karatz is charged with 20 counts, including mail, wire and securities fraud and making false statements in reports to the Securities and Exchange Commission in connection with alleged financial fraud. Defense attorney John Keker countered that his client never intentionally broke any laws.The stakes will be high for federal prosecutors when Karatz's trial starts Tuesday in Los Angeles.Not only will they be seeking to punish a man they say flouted federal law while making millions of dollars for himself and his employees, they'll also be seeking to improve the record of a massive options crackdown that so far has yielded few convictions.
"The evidence will show that no one at KB Home, including the defendant . "Indeed, Apple and Microsoft were engaging in the exact same practices as those of Broadcom." Keker, Karatz's lawyer, said he was expecting a similar outcome for his client.If convicted of all charges, Karatz faces as much as 415 years in federal prison, the U. Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! It was the first company to be traded on the NYSE as a home builder and is a Fortune 500 company. In fiscal 2008, the company delivered 12,438 homes in the United States and had revenue of over billion.Executives at companies across the country have been charged in recent years for not reporting their backdating.Karatz left the homebuilder in November 2006 at the same time Gary A.