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Beazer Homes' CEO Ian McCarthy Receives Wells Notice From SEC

Tyler Durden's picture




 

Bad news for Beazer's CEO, Ian McCarthy, courtesy of the angry and completely impotent hornet's nest that is the SEC. From a Beazer Homes 8-K filed earlier.

On November 13, 2009, the Staff of the US Securities and Exchange Commission (the “Commission”) issued a Wells notice to the Company’s Chief Executive Officer, Ian J. McCarthy, indicating that they have preliminarily determined to recommend that the Commission bring a civil action against him to collect certain incentive compensation and other amounts allegedly due under Section 304(a) of the Sarbanes-Oxley Act of 2002 . In their Wells notice, the Staff did not allege any lack of due care by Mr. McCarthy in connection with the Company’s financial statements or other disclosures. The Commission has taken the position in a recently filed civil action against the chief executive officer of another company that the Commission need not allege misconduct by a CEO to maintain such an action. The Commission Staff has offered Mr. McCarthy an opportunity to make a submission setting forth the reasons why no such action should be filed. Mr. McCarthy intends to respond to the Staff’s offer by making such a submission.

The Company is not named in the Wells notice. As disclosed previously, on September 24, 2008 the Company entered into a settlement with the Commission, without admitting or denying wrongdoing, that resolved the Commission’s investigation into the financial statement matters that were the subject of the independent investigation conducted by the Audit Committee of the Company’s Board of Directors.

In other news, no member of any executive committee at any Wall Street firm is even remotely in danger of getting anything even remote to a Wells Notice.

 

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Mon, 11/16/2009 - 14:07 | 132007 Anonymous
Anonymous's picture

Don't hold your breath for that event.

Mon, 11/16/2009 - 14:11 | 132013 aint no fortuna...
aint no fortunate son's picture

Thank GOD Wall Street will be exempted from Wells notices.

I was thrilled to see C5 Hercules Ben absolutely giddy with excitement and self pride as he cracked one liners and regaled the lunchtime crowd with his brilliant insight into the dollar's demise... he looks like he's ready for a two week gig on the borscht belt.

Killing dollars and killing the middle class definitely seem to agree with the Chairman.

Mon, 11/16/2009 - 14:25 | 132037 Don Smith
Don Smith's picture

Uh, it would be either C-130 Hercules Ben, or perhaps more appropos, AC-130 Spectre Ben http://en.wikipedia.org/wiki/Lockheed_AC-130

Mon, 11/16/2009 - 14:39 | 132063 Anonymous
Anonymous's picture

Notice the 5 minute "gulp pause" at the mention of
Glass Steagall....?

Bernanke was seeing his next big job chances evaporate
in thin air....

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