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Former KB Home chief Bruce Karatz engineered a massive stock option scheme that made him millions of dollars and then fought to keep it secret from investigators, a longtime company executive testified Wednesday.
Gary Ray, who served as KB’s human resources director from 1996 to 2006, told a federal jury in Los Angeles that he and Karatz backdated stock options to make them more valuable to themselves and employees and then concealed it from company shareholders and the Securities and Exchange Commission.
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