This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
ViolationTracker documents $3,881,426 in regulatory penalties against D.R. Horton across 99 records since 2000, with workplace safety or health violations accounting for the largest share: 75 of those 99 records, totaling $2,034,879. The pattern spans multiple sites and enforcement actions, indicating a systemic rather than isolated compliance failure. OSHA records confirm a 2016 citation for fall protection training deficiencies at a D.R. Horton worksite, with an initial penalty of $68,591 — later settled to $12,471 — covering employees exposed to inadequate fall protection systems. The citation was classified as a repeat violation under 29 CFR 1926.503(c)(3), meaning OSHA had previously cited the company for the same or substantially similar conduct.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.