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KB Home Former CEO Guilty on Four Counts

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Sounds bad, but 64-year-old Bruce Karatz of Westwood-based KB escaped 16 other counts, including serious charges of securities fraud, Reuters reports. Karatz was accused by the government of the illegal backdating of employee stock option grants. He was found guilty of mail fraud and making false financial statements; he'll face sentencing on September 8 and could face 20 years in jail. [Reuters]