Former KB Home Chief Executive Bruce Karatz, who is awaiting sentencing on charges related to the backdating of company stock options, has put up his Bel-Air home as collateral so he can remain free on bail.
Karatz, 64, was convicted April 21 on two counts of mail fraud, making false statements in regulatory filings and lying to the company’s accountants. Sentencing is scheduled for Sept. 8 before U.S. District Judge Otis D. Wright II at the federal courthouse in Los Angeles.
After the conviction, Wright increased Karatz’s bail to $2 million.
Karatz is using equity in his home as security for the bail. In a recent court filing, Karatz indicated that his house is worth $8.49 million.
• Read the full Los Angeles Times story
