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.
Lennar Corporation, the second-largest homebuilder in the United States by revenue, has accumulated $24.25 million in regulatory penalties since 2000 across 66 enforcement records tracked by Good Jobs First's Violation Tracker. The safety-related offense category covers 30 separate penalty records totaling $386,753, all characterized as workplace safety or health violations. The breadth of the safety record — 30 individual violations rather than one large settlement — suggests a pattern of recurring noncompliance across multiple worksites rather than a single aberrant incident. Homebuilding relies heavily on subcontracted workers for framing, roofing, concrete, and other high-risk trades, and the degree to which Lennar's 30 safety penalty records reflect direct-hire versus subcontractor exposures is not specified in the Violation Tracker summary.
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The Naughty List
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.