Michael Rand, the former chief accounting officer for home builder Beazer Homes USA, has been charged with 11 criminal counts of conspiracy, securities fraud, obstruction, witness tampering, false statements to a financial institution, misleading conduct, and destruction of records.

The charges stem from an ongoing government investigation involving Beazer and its employees. In July 2009, Beazer was charged with, among other things, participation in the conspiracy and securities fraud with Rand. Beazer accepted responsibility for those charges and, in a deferred prosecution agreement, agreed to pay up to $50 million in restitution.

According to the indictment, Rand is alleged to have directed an accounting fraud conspiracy to manipulate Beazer’s books and records, to deceive Beazer’s auditors, and to achieve earnings targets, and to boost or lower earnings at Beazer. The conspiracy is alleged to have gone on from around 2000 through in or about 2007.

According to the indictment, Rand and others executed the conspiracy in two ways. First, between 2005 and 2006, Rand allegedly entered into a hidden oral side agreement with another company through one of its employees, which was designed to allow Beazer to obtain cash and recognize revenue from purported “sales” of model homes. This activity was further hidden from Beazer’s auditors.

The indictment also alleges that, between 2000 and 2007, Rand engaged in a scheme to commit securities fraud and create false books and records at Beazer by practicing a form of what is commonly known as “cookie jar accounting,” which allowed Rand and others to manipulate Beazer’s publicly reported financial statements.

Full details can be found in this Department Of Justice press release.