Backdating scheme

Posted by / 30-Nov-2015 22:09

Backdating scheme

In 2006, the Securities and Exchange Commission began investigating the conduct of United Health's management and directors, including Mc Guire, as did the Internal Revenue Service and prosecutors in the United States Attorneys' office for the Southern District of New York.

The investigations came to light after a series of probing stories in the Wall Street Journal in May 2006, discussing the apparent "backdating" of stock options, in a then-common process called options backdating.

Mc Guire joined United Healthcare in November 1988 as an executive vice president when the Peak Health Plan, of which he was then president and chief operating officer, was acquired by United.

In May 1989, he was appointed to the board of directors and became chief operating officer of United.

Find out when you will be considered to be pensionable age at Gov.

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Backdating can only be allowed for up to 13 weeks from the date your request is received.

He also owns Minnesota United FC, Minnesota's professional soccer team.

(born 1948) is an American pulmonologist, lepidopterist, philanthropist, and healthcare executive, best known for his tenure as chairman and chief executive officer of United Health Group from 1991 until his resignation in 2006.

Backdating involves manipulating the timing of options grants so they look as though they were made on days when the stock's value was lower.

Doing that boosts recipients' windfall when they sell the stock.

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From 1989 until 2006, Mc Guire received compensation from United Health in the form of stock options that eventually became worth around $1.6 billion.

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