Former Beazer Homes executive in NC federal court on charges that he manipulated booksBy AP
Friday, August 27, 2010
Former Beazer executive in court on fraud charges
ASHEVILLE, N.C. — The former chief accounting officer for Beazer Homes USA is in court for a detention hearing after he was charged in an 11-count federal indictment.
A hearing for Michael T. Rand was being held Friday afternoon in Asheville. He is accused in the indictment unsealed this week of an accounting fraud conspiracy to manipulate Beazer’s financial statements along with witness tampering and other charges. Federal authorities said the conspiracy lasted for about seven years starting in 2000.
His charges each come with maximum prison terms of between five and thirty years, along with maximum fines of $250,000 to $1 million. An attorney for him did not immediately return a call seeking comment.
The Atlanta-based company previously accepted responsibility for charges of conspiracy and securities fraud. Beazer agreed to pay restitution of up to $50 million.
Tags: Asheville, Conspiracy, Corporate Crime, Corporate Governance, Fraud And False Statements, Indictments, North America, North Carolina, United States