Sub-Prime Market Woes Impacts Management Turnover

Management under the gun today seems to respond a bit more quickly than in the past. Beazer Homes USA BZH (NYSE) one of the housing related stocks getting hammered, fired its chief accounting officer, Michael Rand yesterday. According to published reports he was fired for attempting to destroy documents while the company was under investigation. The announcement came after it was made public that the FBI and other agencies were investigating the firm with regard to fraud in its mortgage lending practices. Back in March, Business Week did a story indicating that Beazer was one of a number of companies under investigation by the FBI and U.S. Attorney's Office in North Carolina.

Beazer back in May agreed to cooperate with the authorities undergoing the investigation. The company appears to have acted quickly after its own internal investigation found possible wrongdoing by Rand.

For more on the story see:

BloggingStocks
Bloomberg Update 3
Forbes
Atlanta Journal Constitution
CNN Money
StreetInsider