NEW YORK (Reuters) - President George W. Bush's uncle, William H.T. "Bucky" Bush, was part of a group of outside directors at a defense contractor who realized about $6 million in unauthorized pay from an options backdating scheme, according to U.S. securities investigators.
Bush and other non-employee directors who served on the board of Engineered Support Systems Inc., now owned by DRS Technologies Inc., are not accused of any wrongdoing in a civil complaint filed on Tuesday by the U.S. Securities and Exchange Commission.
The SEC complaint, however, says the non-employee directors benefited from stock options not approved by shareholders.
"As a result, the company provided significant additional compensation to its outside directors beyond what shareholders had approved," the SEC complaint said. "These same directors later realized approximately $6 million from the exercise of their addtional stock options."
The complaint did not break out how much Bush and the other outside directors received from a total of 132,000 shares of unauthorized shares.
http://today.reuters.com/news/articlenews.aspx?type=newsOne&storyID=2007-02-07T210111Z_01_N07471273_RTRUKOC_0_US-OPTIONS-SEC-BUSH.xml&WTmodLoc=Home-C2-TopNews-newsOne-5