March 3, 2017 / 3:17 PM / 6 months ago

Mexico-based homebuilder Homex settles accounting fraud charges-U.S.

WASHINGTON, March 3 (Reuters) - 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)

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