Nov
25
Interesting connections coming out of the announcement by Houston-based HCC Insurance Holdings that it had been backdating stock option grants from 1995.
The President's youngest brother Marvin was a director of the company from 1999 to 2002 and would have been very close to the action, as he was on its compensation committee, reports Alistair Barr at MarketWatch.
Since then he has been advisory director, and adviser to the chairman and chief executive, Stephen Way. That's the same Stephen Way who resigned after an independent investigation uncovered the options issue and concluded that some of Way's option grants were incorrect.
Sure sounds like someone close to the action.
no comment untill now