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Criminal

Mar. 13, 2010

KB Homes Case Begins

Former KB Home Chairman Bruce E. Karatz was a greedy executive who stole $6 million from shareholders and hired a private detective to follow a whistleblower, a federal prosecutor told a jury in opening statements Thursday.

By Ciaran McEvoy

Daily Journal Staff Writer

LOS ANGELES - Former KB Home Chairman and Chief Executive Officer Bruce E. Karatz was a greedy executive who stole $6 million from shareholders and devised an elaborate cover-up scheme, a federal prosecutor told a jury as Karatz's securities fraud trial began Thursday.

In an hour-plus opening statement, Assistant U.S. Attorney Alex A. Bustamante said Karatz, 64, secretly padded hi...

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