Industry News

Builder Beazer boots chief accounting officer

Official allegedly attempted to destroy documents

Home builder Beazer Homes USA Inc. (NYSE: BZH) this week announced that Michael T. Rand, the company's chief accounting officer and senior vice president, has been terminated for "attempts to destroy documents in violation of the company's document retention policy." That announcement follows earlier disclosures about a U.S. Securities and Exchange Commission inquiry, a grand jury investigation and a series of class-action lawsuits. The company reported that it "recently became aware of Mr. Rand's actions" during an internal investigation conducted by the company's audit committee. The audit committee is investigating the company's mortgage origination business "and related matters," according to the company's Wednesday SEC filing. The U.S. Attorney's Office for the Western District of North Carolina in March issued a grand jury subpoena to Beazer seeking documents focusing on the company's mortgage origination services. That office launched its investigation following a se...

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