Former KB Home Chief Executive Bruce Karatz pleaded not guilty in federal court on Monday to charges that he secretly backdated stock options to enrich himself, then concealed the scheme from regulators and investors.
Karatz, 63, entered the plea during a brief court appearance before U.S. District Court Magistrate Judge Jeffrey W. Johnson in Los Angeles. Johnson scheduled a trial date for May 19.
He is one of just six executives nationwide to face criminal charges in the stock-option-manipulation scandal and one of the few accused of backdating options to enrich himself.
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