Beazer Homes Strikes Settlement with Federal Investigators
July 2, 2009 by admin
Several federal agencies have settled a two-year investigation against Beazer Homes USA, agreeing they won’t prosecute the company for criminal mortgage and securities fraud if it meets certain conditions and pays between $48 and $50 million in restitution over the next 60 months.
For two years Beazer has been under investigation for fraudulent mortgage practices designed to both sell houses and increase the profit margin for its mortgage subsidiary as well as for accounting practices designed to “smooth earnings” through “cookie jar accounting” the Department of Justice said Wednesday, July 1. Read more about Beazer Homes…
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