Backdating fraud

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There is no statute that explicitly outlaws backdating stock-option grants, but it seems virtually impossible to backdate options and achieve the ultimate goal of putting grants “in the money” without first deliberately falsifying documents and then covering up the sham.At least that seems to be the conclusion reached by the Department of Justice and the Securities and Exchange Commission regarding their first case against executives charged with fraud related to backdating.In those instances, the crime of "insurance fraud" is usually pursued as "mail fraud," "criminal racketeering" or other federal offenses.

Patrick Boyle, Washington, NJ Order #16-50702-39, May 31, 2017 Respondent, Patrick Boyle, knowingly provided false and misleading information to Northwestern Mutual Life Insurance Company by failing to disclose his complete medical history and pre-existing conditions on a life insurance policy application medical history questionnaire dated October 31, 2015.

In either case, the result could be that the contract is given a date that is different from the date that would have been used if the person signing had put in the actual date and promptly returned the signature page.

This could be more of a nuisance than playing games with the date in the introductory clause—the date you use in the introductory clause is something the parties have to agree on, whereas someone signing a contract has unfettered discretion to give their signature whatever date they want. But the simplest fix would be to use a signature-automation solution such as Echo Sign or Docu Sign.

The facts are a bit complicated, involving circumstances surrounding the failure of a bank and transactions in the bank’s loans preceding the failure as well as transactions of the FDIC as the bank’s receiver.

Here’s a simplified timeline: FH Partners made a demand on the debtor for payment of the loan and eventually sued the debtor and guarantors.

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