Beazer’s McCarthy to Return $6.5 Million in Clawback
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Beazer Homes USA Inc. Chief Executive Officer Ian McCarthy agreed to return $6.5 million in a clawback of compensation he received while the firm doctored financial statements as the housing crisis unfolded, the Securities and Exchange Commission said.
McCarthy, 58, had failed to reimburse Beazer for bonuses and other incentive-based pay in the year after the company filed fraudulent financial statements for 2006, the SEC said today in a complaint filed at federal court in Atlanta. The settlement, which includes $772,232 in stock-sale profits and more than 78,000 restricted shares, represents his entire 2006 bonus, the agency said.