"UnitedHealth Group Inc. settled a [SEC] civil lawsuit over alleged stock-options backdating. The company's former General Counsel, David J. Lubben, agreed to a $575,000 penalty in the case. Mr. Lubben also will repay $1.4 million in gains and $347,211 in prejudgment interest. ... Neither UnitedHealth, one of the largest U.S. health insurers, nor Mr. Lubben admitted or denied the allegations", my emphasis, Kathy Shwiff at the WSJ, 23 December 2008.
Another SEC enforcement triumph.
3 comments:
Heyboy whoa... that's a lotta dough...
I love it when they pay through the nose but won't say I'm guilty... haha...
You're innocent and just wanna pay up for the public weal? Just cause the SEC won't hold your nose in the stinkypoo doesn't mean we don't get it...
Someone should develop the "Titanic multipler"... for every publicly disclosed infraction assume 10 times more undisclosed? Or 100 times more?
Anonymous:
I assume you are being facetious. The monies involved are peanuts. I find you "Titanic multiplier" reassuring. For years now, I have assumed for every publicly exposed misdeed, there are between 10 and 20 yet to be discovered.
I hear you on the relative weight of the fine to the offense...more nonsense...
I guess it's just part of the game... the regulator/regulated tango...everybody plays and nobody pays... except all the regular people...
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