MSNBC
http://www.msnbc.msn.com/id/15188520/Allen didn’t report stock options
Va. senator in midst of tough re-election campaign
Updated: 5:36 p.m. ET Oct 8, 2006
RICHMOND, Va. - For the past five years, Sen. George Allen, has failed to tell Congress about stock options he got for his work as a director of a high-tech company. The Virginia Republican also asked the Army to help another business that gave him similar options.
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An Associated Press review of Allen's financial dealings from that era found that the senator:
--Did not have to look far to find corporate suitors, joining three Virginia high-tech companies he assisted as governor. Allen served on boards of directors for Xybernaut and Commonwealth Biotechnologies and advised a third company called Com-Net Ericsson, all government contractors.
--Twice failed to promptly alert the Securities and Exchange Commission of insider stock transactions as a Xybernaut and Commonwealth director. The SEC requires timely notification and can fine those who file late.
Kept stock options provided to him for serving as a director of Xybernaut and Commonwealth, but steered other compensation from his board service to his law firm.
--Allen, a potential 2008 presidential candidate, rose to prominence as a conservative from Virginia, serving in the U.S. House and as governor. From 1998 through 2000, he worked as a private lawyer and businessman before joining the Senate in 2001.
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In interviews, Allen and his staff sought to play down his corporate dealings, saying they were a good learning experience but did not lead to extraordinary riches -- except for a quarter-million-dollar windfall from Com-Net Ericsson stock....
http://www.msnbc.msn.com/id/15188520/