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Mc Guire was fined million In December 2000, Dr. Mc Guire made a .2 MM gift to the University of Florida to construct and establish the Mc Guire Center for Lepidoptera Research and the Mc Guire Center for Insect Conservation. Marc Ward Although backdating can be either legitimate or improper, it is often misunderstood and associated with wrongdoing.To a layperson, backdating sounds like a bad thing. Its legitimacy depends upon its purpose and effect. It is improper, of course, to date a document on one date, but the event occurred on a different, later date.Typically this type of backdating occurs when the beneficiary of the backdating can reap some sort of tax or other benefit if the event had occurred on the earlier date.Thus, when a contract is drafted that backdates to the date when the parties believe their agreement was reached, it may be unclear whether the backdating fabricates or memorializes.Likewise, backdating is a common practice in the conveyance of property, and here too the time of the transfer of ownership can be unclear.Examples of legitimate memorialization: Simply put, if a document is dated before the occurrence of an event, the backdating is fabricated and improper.On the other hand, if the document is executed after the event has occurred but accurately reflects the date of the event, the backdating is a proper memorialization.
Moreover, at times fabricated backdating can be innocuous when no third party’s rights are adversely affected and no law is violated, and other times backdating that memorializes can be problematic if it misleads a court to believe the document was executed on the date the event occurred. In order to mitigate your risks, you should always disclose your use of backdating by either identifying the date of execution or by utilizing “as of” dating.
Backdating encompasses a broad scope of conduct ranging from blatant fraud to the legitimate and common practice of executing a document after the event has already occurred.
This article provides a brief overview of how to distinguish legitimate backdating from improper backdating.
On October 15, 2006, it was announced that Mc Guire would step down immediately as chairman and director of United Health.
Mc Guire remained as chief executive officer through December 1, and was succeeded by Stephen Hemsley (then president and chief operating officer, and a member of the board of directors).