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Posted by / 20-Dec-2020 21:21

Backdating wall

In November 1989, he became president of the company, a position he held until May 1991.

He was named chief executive officer in February 1991, and chairman of the board of directors in May of the same year.

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

In November 1989, he became president of the company, a position he held until May 1991.He was named chief executive officer in February 1991, and chairman of the board of directors in May of the same year.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.On December 6, 2007, the Securities and Exchange Commission announced a settlement, under which Mc Guire was to repay $468 million as a partial settlement of the backdating prosecution.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. 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.

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In November 1989, he became president of the company, a position he held until May 1991.

He was named chief executive officer in February 1991, and chairman of the board of directors in May of the same year.

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.

On December 6, 2007, the Securities and Exchange Commission announced a settlement, under which Mc Guire was to repay $468 million as a partial settlement of the backdating prosecution.

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.

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

.6 billion.

On December 6, 2007, the Securities and Exchange Commission announced a settlement, under which Mc Guire was to repay 8 million as a partial settlement of the backdating prosecution.

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.

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

Several shareholder classes filed lawsuits accusing former United Health's directors of failing in their fiduciary duty to properly notify shareholders of the scheme.

The SEC had charged Sorin, along with former Comverse CEO Kobi Alexander and David Kreinberg, Comverse’s former CFO, of engaging in a scheme to backdate Comverse options grants from 1991 to 2001.

The SEC’s complaint against the three former officials can be found here.

There is no doubt that some of the media coverage has swept with too broad a brush, and lumped together many companies and many kinds of activities as if the activity and the companies were all equivalent and equally culpable.

But while not every company executive whose name has been associated with the backdating story is criminally culpable, neither is every one of them completely innocent, as the authors of the op-ed piece seem to come close to suggesting.

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