KB Home CEO's Trial Reaches Closing Arguments

While people faced foreclosures and financial distress, this man was enjoying life in an illegal and unethical way.  

From CBS2 News:

Jurors in Los Angeles must decide whether the former head of KB Home illegally backdated stock options to line his own pockets. 

The prosecution and defense are giving closing arguments Friday in the federal trial of Bruce Karatz. 

Prosecutors claim Karatz made more than $6 million from illegal backdating while he was chairman and CEO of the homebuilding firm. 

Karatz retroactively dated his purchase of company stock to times when the share price was low, then sold it at profit. That's not illegal if it's disclosed to investors. But prosecutors claim Karatz tried to conceal it from shareholders. 

He's pleaded not guilty to 20 felony charges. 

His attorney, John Keker, told jurors on Friday that prosecution had not proven guilt. The prosecution will address jurors later Friday.