NEW YORK (TNND) -- The UnitedHealthcare CEO who was shot and killed in New York was accused of insider trading and fraud in a lawsuit filed earlier this year, according to court documents.
Brian Thompson, 50, was gunned down in Manhattan while he was in the city for UnitedHealthcare's annual investors meeting on Dec. 4, the New York Police Department police said.
The suspect was identified as 26-year-old Luigi Mangione, with authorities tracking him down Monday at a McDonald's in Pennsylvania.
Months before Thompson's murder, he and two other UnitedHealth Group executives were named in a 20-page complaint filed by the Hollywood Firefighters' Pension Fund.
The lawsuit, dated May 14, alleges Thompson sold more than $15 million of his personally-held UnitedHealth shares -- just as the Department of Justice reopened an antitrust investigation into the company.
Thompson, along with the two other executives, didn't disclose the information to investors or the public, the lawsuit noted. This allegedly cost the plaintiff quite a bit of money.
"The truth emerged on February 27, 2024, when the Wall Street Journal reported that the DOJ had re-opened its antitrust investigation into UnitedHealth. In that article, the public learned for the first time that the DOJ was investigating the relationships between the Company's various segments, including Optum," according to the lawsuit. "As a result of this disclosure, the price of UnitedHealth stock declined by $27 per share, erasing nearly $25 billion in shareholder value."
The lawsuit goes on to allege that UnitedHealth was aware of the DOJ investigation since at least October 2023. Around that time, the lawsuit alleges, Thompson sold his $15 million in shares, while UnitedHealth's Chairman Stephen Hemsley sold at least $102 million of his personally-held company shares.
Andrew Witty, who is the chief executive officer of UnitedHealth Group, which the parent company of UnitedHealthcare, was also named in the lawsuit. The documents allege he knew that the information wasn't properly disclosed to the plaintiff "and that the positive representations which were being made were then materially false and/or misleading."
The plaintiff, the documents note, is a pension fund that manages more than $300 million in assets for current and retired firefighters of Hollywood, Florida. The lawsuit alleges the plaintiff "purchased UnitedHealth common stock at artificially inflated prices" and later suffered damages as a result of the violations.
Thompson, who lived in Minnesota, was laid to rest during a private funeral on Monday, according to The New York Times. The media outlet reported his family and friends gathered at a Lutheran church in Minnesota to pay their respects.
"Brian was an incredibly loving husband, son, brother and friend," Thompson's family said in a statement, per The New York Times. "Most importantly, Brian was a devoted father to our two sons, and we will miss him for the rest of our lives. We appreciate the overwhelming outpouring of kind words and support we have received."
The Wall Street Journal previously identified his wife as Paulette Reveiz. Citing property records, as well as neighbors, The Journal reported that Thompson and his wife "had been living in separate homes less than a mile apart in suburban Maple Grove for several years."
Thompson's LinkedIn profile notes he was named the chief executive officer for UnitedHealthcare in April 2021, adding that he had been with the company for at least 20 years. His profile also indicates he previously served the company in other roles. He also worked as a practicing CPA at PricewaterhouseCoopers LLP ahead of his time with the UnitedHealthcare, as well graduated from the University of Iowa.
Police said Thompson was shot in the back while he was outside a Manhattan hotel. He was taken to an area hospital, where he was pronounced dead.
Investigators are working to determine the motive, though a three-page letter police found in Mangione's backpack hints at a vague hatred of corporate greed and an expression of anger toward what the suspect described as "parasitic" health insurance companies.
Mangione was arrested on Monday -- the same same as Thompson's funeral -- and later charged in connection to the case.
Police said Mangione was found in possession of a ghost gun believed to be the one used in the deadly shooting. His attorney, Thomas Dickey, has denied his client's involvement in the murder.