St. Louis (AP) _ A federal grand jury has charged former St. Louis Blues owner Michael Shanahan Senior, his son and another man with securities fraud.
The former C-E-O of Engineered Support Systems, his son Michael
Shanahan Junior and former C-F-O Gary Gerhardt have been the target
of a federal investigation for two years.
Prosecutors say the three backdated stock options in a scheme that enriched executives and board members of the defense contractor by nearly 20 million dollars. They're charged with falsifying statements, mail fraud and wire fraud.
The indictment says the three were able to ``place their bets before the race'' by retroactively choosing option grant dates that coincided with low points in the company's stock.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.