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LOS ANGELES — The chief executive who helped build KB Home into one of the country’s largest homebuilders was convicted Wednesday of four felony counts in a stock scheme that prosecutors say netted him $6 million.
A federal jury in Los Angeles found Bruce Karatz guilty of two counts of mail fraud, one count of lying to company accountants and one count of making false statements in reports to the Securities and Exchange Commission. Karatz was acquitted on 16 other counts.
Karatz faces up to 80 years in prison when he is sentenced Sept. 8, prosecutors said.
