WASHINGTON, March 3 Mexico-based homebuilder
Desarrolladora Homex SAB de CV has agreed to settle
charges it reported fake sales to boost revenues in what U.S.
authorities said on Friday was a $3.3 billion accounting fraud.
The U.S. Securities and Exchange Commission said in a
statement that it used satellite imagery to show that Homex, one
of Mexico's largest homebuilders at the time, "had not even
broken ground on many of the homes for which it reported
revenues" over a three-year period.
(Reporting by Susan Heavey; Editing by Jeffrey Benkoe)