UnitedHealthcare CEO Brian Thompson faced allegations of insider trading and fraud before he was assassinated in Manhattan on Wednesday. He was fatally shot in what NYPD officials suspect was a premeditated attack as he left the Hilton hotel ahead of an investor conference. The gunman remains at large.
Last year, the DoJ launched an investigation into whether the UnitedHealthcare, under Thompson's leadership, was unfairly limiting competition and operating as a monopoly. In May, the City of Hollywood Firefighters' Pension Fund filed a lawsuit against Thompson and other UnitedHealth executives, alleging that the CEO hid information about a federal investigation before selling over 31 percent of his shares, earning $15.1 million.
In Legal Tangle Before Death
The complaint mentioned that Thompson and other company leaders sold more than $117 million worth of UnitedHealth stock over a four-month period while they were aware of the federal antitrust probe. However, the development has not yet been made public.
In October, the California Public Employees' Retirement System, the largest public pension fund in the U.S., joined the lawsuit and filed an amended complaint seeking a jury trial against Thompson and other executives.
In February, The Wall Street Journal revealed that federal investigators had been interviewing individuals from the healthcare sector where UnitedHealth operates.
The inquiries focused on the relationships between UnitedHealthcare, the company's insurance division, and its Optum health services branch, which manages physician groups and other assets.
The Wall Street Journal also reported that the Department of Justice was investigating UnitedHealth's Medicare billing practices. The investigation aimed to determine whether physicians were exaggerating patient illnesses to improperly boost government payments.
Thompson was tragically killed in a targeted shooting, suffering gunshot wounds to the chest and leg. The masked assailant fled the scene on a bicycle, heading down 6th Avenue, and is believed to have escaped into Central Park. The NYPD has launched a large-scale manhunt to locate and arrest the suspect.
The shooter remains at large and is described as a white male wearing a cream-colored jacket, a black face mask, black and white sneakers, and carrying a grey backpack.
Targeted Attack, Motive Unclear
Sources revealed to The New York Times that Thompson, who lives in Minnesota with his wife and children, had arrived at the hotel early to get ready for his presentation. The shooter reportedly knew the exact door Thompson would exit from and opened fire on him from a distance of several feet.
The shooter opened fire on Thompson from a distance down the street, striking him multiple times before fleeing the area on a bicycle.
As the suspect remains unidentified, the NYPD has offered a $10,000 reward for information related to the shooting.
Thompson's wife, Paulette, revealed that he had been receiving "some threats" prior to his visit to New York. "Basically, I don't know, a lack of coverage? I don't know details. I just know that he said there were some people that had been threatening him," she told NBC News.
The incident comes amid an ongoing Department of Justice investigation into Thompson for alleged antitrust violations and accusations of insider trading.
The shooting took place just hours before crowds were set to gather in Midtown for the annual Christmas tree lighting ceremony at Rockefeller Center.
United, the largest health insurer in the United States by market share, has often faced protests from activists accusing the company of systematically denying care to patients.
In February, the company drew attention after falling victim to a cyberattack, resulting in losses amounting to $872 million.
