Defendant Name: Desarrolladora Homex S.A.B. de C.V

Defendant Type: Public Company

Document Reference: LR-23765

Document Details

Legal Case Name SEC v . Desarrolladora Homex S.A.B. de C.V.
Document Name SEC Charges Mexico-Based Homebuilder In $3.3 Billion Accounting
Document Date 03-Mar-2017
Document Format Civil Proceeding
Case Number 17-cv-00432
Federal District Court California, Southern District of California
Allegation Type Issuer Reporting and Disclosure
Document Summary On March 3, 2017 in a litigation release, the SEC announced that Mexico-based homebuilding company Desarrolladora Homex S.A.B. de C.V. has agreed to settle charges. According to the SEC: allegedly, "Homex, one of the largest homebuilders in Mexico at the time, inflated the number of homes sold during the three year period by approximately 317 percent and overstated its revenue by 355 percent (approximately $3.3 billion)."

Disgorgement & Penalty Information

Resolutions
Enjoinment
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution

Related Documents:

comp23765 03-Mar-2017 Complaint
Complaint for Violations of the Federal Securities Laws
In the complaint, The Commission alleged that "From at least 2010 through 2013, and acting, with scienter, through certain of its then senior officers and employees, Homex improperly recognized billions of dollars of revenue. In particular, Homex systematically and fraudulently reported revenue from the sale of tens of thousands of homes annually that it had neither built nor sold. Homex personnel perpetrated this fraud by manually entering false information into its internal accounting and financial systems."
2017-60 03-Mar-2017 Press Release--Civil Action
SEC Charges Mexico-Based Homebuilder in $3.3 Billion Accounting Fraud-- SEC Uses Satellite Imagery to Crack Case
On March 3, 2017 the SEC announced in a press release that Desarrolladora Homex S.A.B. de C.V. has agreed to settle charges. According to the SEC: by inflating the number of homes sold during a three-year period, "Homex deprived its investors of accurate and reliable financial results by reporting key numbers that were almost completely made up."
court_doc9_17-cv-00432 28-Mar-2017 Court Docket Document
Final Judgment as to Defendant Desarrolladora Homex S.A.B. de C.V.

Related Actions:

SEC v. Gerardo de Nicolas Gutierrez, Carlos Javier Moctezuma Velasco, Ramon Lafarga Batiz, and Noe Corrales Reyes
In the Matter of Mancera, S.C., Alejandro Valdez Mendoza, C.P., and Angel Radames Corral Nieblas, C.P.
In the Matter of Carlos Javier Moctezuma Velasco
In the Matter of Noe Corrales Reyes
In the Matter of Ramón Lafarga Bátiz