U. S. Securities and Exchange Commission

Litigation Release No. 18333 / September 9, 2003

, Civil Action No. 03 CV 1785J(JMA))

Former Bank Loan Officer Charged With Fraud In Insider Trading Scheme

   The Securities and Exchange Commission today charged a former bank
   loan officer, Kris Klinger, of Oceanside, California, with using
   inside information to purchase securities in Crossman Communities,
   Inc. shortly before the public announcement that Crossman would be
   acquired by Beazer Homes USA Inc. Simultaneously with the filing of
   its action, the Commission accepted Klinger's offer of settlement, in
   which he agreed, without admitting or denying the allegations, to a
   court order enjoining him from future violations of the securities
   laws and requiring him to pay approximately $18,000 in wrongful
   trading profits and penalties.

   According to the complaint filed in the United States District Court
   for the Southern District of California, Klinger, in the course of his
   employment as a vice-president and senior loan officer at Washington
   Mutual, Inc., obtained material non-public information that Beazer, a
   Washington Mutual customer, was planning to acquire Crossman. Based on
   that information, Klinger purchased 700 shares of Crossman common
   stock on January 28, 2002. On January 30, 2002, Crossman and Beazer
   issued a joint public announcement about the acquisition, and
   Crossman's stock price increased approximately 47 percent from the
   previous day's closing price. On January 31, 2002, the day after the
   acquisition was publicly announced, Klinger sold his entire holdings
   of Crossman shares, generating trading profits of $9,135.

   Until its acquisition, Crossman was a home building company based in
   Indianapolis, Indiana, whose securities were registered with the
   Commission and traded on the Nasdaq National Market System. Beazer is
   a home building company headquartered in Atlanta, Georgia, whose
   securities are registered with the Commission and traded on the New
   York Stock Exchange.

   In order to settle the charges, Klinger agreed to the entry of an
   order permanently enjoining him from future violations of Section
   10(b) of the Securities Exchange Act of 1934 and Rule 10(b)-5
   thereunder. Additionally, Klinger agreed to pay disgorgement of $9,135
   in illegal trading profits, plus $297.13 in prejudgment interest; and
   to pay a civil money penalty equal to his trading profits in the
   amount of $9,135.

   In accepting Klinger's settlement, the Commission took into account