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[George] Allen didn't disclose stock options
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| Parent(s) |
Candidate
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| Contributor | DFWDem |
| Last Edited | DFWDem Oct 08, 2006 02:19pm |
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| Category | General |
| Media | Website - Yahoo News |
| News Date | Sunday, October 8, 2006 08:00:00 PM UTC0:0 |
| Description | RICHMOND, Va. - For the past five years, Sen. George Allen has failed to tell Congress about stock options he got for his work as a director of a high-tech company. The Virginia Republican also asked the Army to help another business that gave him similar options.
Congressional rules require senators to disclose to the Senate all deferred compensation, such as stock options. The rules also urge senators to avoid taking any official action that could benefit them financially or appear to do so.
An Associated Press review of Allen's financial dealings from that era found that the senator:
-Did not have to look far to find corporate suitors, joining three Virginia high-tech companies he assisted as governor. Allen served on boards of directors for Xybernaut and Commonwealth Biotechnologies and advised a third company called Com-Net Ericsson, all government contractors.
-Twice failed to promptly alert the
Securities and Exchange Commission of insider stock transactions as a Xybernaut and Commonwealth director. The SEC requires timely notification and can fine those who file late.
-Kept stock options provided to him for serving as a director of Xybernaut and Commonwealth, but steered other compensation from his board service to his law firm. |
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