Los Angeles Times | March 5, 2009 | 2:19 p.m. PT --- Former KB Homes chairman is indicted in alleged backdating scheme A federal grand jury today indicted former KB Homes Chairman Bruce Karatz on charges that he engineered a scheme to defraud shareholders by awarding himself and other executives of the Los Angeles home builder millions of dollars in undisclosed stock-based compensation. The 20-count indictment alleged that Karatz, 63, of Bel-Air Estates, backdated stock options over a seven-year period to days on which KB's stock was trading at low levels. That made them worth more to Karatz and the others, according to the indictment — a fact it said should have been disclosed to other shareholders. More soon at: http://link.latimes.com/r/J0PHE3/DISPE/HJEKGO/0WLN/ZB208Q/LE/t
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