He may have officially retired last summer, but the former CEO of Houston’s HCC Insurance Holdings doesn’t seem to have slowed down! A settlement with the SEC, which accused Stephen L. Way of backdating stock options on at least 38 occasions, means the former executive is barred from serving as an officer or director of any public reporting company for five years. But Way has apparently found a way to keep himself busy, making improvements around his Bayou Woods home.
There’s just one problem with the lovely boxwood-hedged and pine-shaded parking lot pictured above, along with a concrete driveway and speed bumps Way also had built down the street:
Way built them all on public property, without a permit. The quaint parking lot and driveway are set into a traffic median, in the fork where Farish Circle splits off from Carnarvon Dr. They sit in front of the 34,626-sq.-ft. mock-French castle Way completed a few years ago, on land he had purchased from the estate of Baron Enrique di Portanova back in 2002.
West University Examiner columnist Miya Shay has been on the case:
I tried talking to Way through his sprawling, gated property. I left a message, and he did call me back. However, Way promptly hung up after I told him why I called.
Shay reports that City Council Member Pam Holm has had many meetings over several months with Way’s neighbors, who wonder why Way couldn’t fit the lot on his own property, which stretches over 4 acres. But nothing has happened . . . so far:
Holm told me last week she doesn’t know why no one at the city has forced Way to remove the illegal parking lot and speed bumps. When I called the city’s Department of Public Works, they seem to say that it’s partly because Holm hasn’t pushed them to act.
Well, now it seems everyone is aware of the issue, and people involved assured me it will be dealt with this week.
- Miya Shay: The mystery of the rogue millionaire [West University Examiner]
- Litigation Release No. 20651 [SEC]
Photo of parking lot in median at Carnarvon Dr. and Farish Circle (neighbor’s house in background): West University Examiner