UnitedHealth's McGuire gives up $400M in assets

While the man is still rolling in bucks, this has gotta hurt. UnitedHealth Group former CEO has agreed to surrender more than $400 million under new agreements reached with his former employer and the Securities and Exchange Commission. McGuire, who had already given up an additional $200 million, has been ordered to give back 9.2 million companies shares (worth about $320 million), $91 million in retirement income and $8 million in a savings account. He had previously agreed to give up with prior stock option awards which were repriced between 1994 and 2002.

The agreement settles charges brought by the SEC against McGuire under the Sarbanes-Oxley Act, legislation enacted in the wake of the Enron scandal which prohibits various types of questionable financial conduct by officers of public companies.  That includes a prohibition on profiting from stock sales made while execs mislead investors. An internal UnitedHealth investigation had found that he had backdated shares for himself and other execs.

To find out more about the settlement:
- read this Modern Healthcare article (reg. req.)

Related Articles:
MN gets green light to investigate UnitedHealth stock options. Report
United healthcare to pay $12 million to settle complaints. Report
UnitedHealth financial troubles mount. Report
UnitedHealth CEO ousted. Report
Judge dismisses suit against UnitedHealth. Report
UnitedHealth stock sinks CA HMO regulator. Report