In the latest example of the SEC's use of its
compensation clawback authority under Section 304 of the Sarbanes-Oxley Act,
the SEC reached a settlement with the former CFO of Beazer Homes to return more
than $1.4 million in bonus compensation he earned during a period when the
company was committing...
The Commission continues to pursue its strict liability
policy regarding the application of Section 304 of the Sarbanes Oxley Act.
Under that Section the CEO and CFO can be required to repay certain incentive
based compensation they receive if there is a restatement of the financial
The SEC recently announced that it reached a settlement
with Beazer CEO O'Leary requiring O'Leary to pay back to Beazer more
than $1.4 million that he received during a time period when Beazer's financial
statements were allegedly misstated. It is undisputed that the SEC did