Case against son of former Blues owner dismissed - KMOV.com

Case against son of former Blues owner dismissed

ST. LOUIS (AP) -- A federal lawsuit accusing a St. Louis businessman of receiving unauthorized stock options has been dropped.

A judge dismissed the case against Michael Shanahan Jr. on Friday, about two weeks after the trial began.

Michael Shanahan Sr. once owned the St. Louis Blues and was the former chairman and CEO of Engineered Support Systems. Shanahan Jr. was a director of the company.

In 2008, Michael Shanahan Sr. pleaded guilty to federal charges tied to backdated stock options. He was placed on probation and ordered to repay $7.9 million. In exchange, criminal charges against his son were dropped.

But the Securities and Exchange Commission filed suit against Shanahan Jr., alleging he profited from unauthorized options.

Engineered Support was acquired by DRS Technologies Inc. in 2006.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

 

For breaking news alerts, text KMOVNEWS to 21321

...

Have you seen the forecast for tomorrow?
Get the latest St. Louis weather forecast

 

KMOV.com on Facebook

 

Powered by Frankly