This week was probably not this year's best for
After being fired for misconduct from a leading post at a Fortune 100 company two weeks ago, he now has a crew of top Massachusetts's watchdogs after him, including Attorney General Thomas F. Reilly, Secretary of State William F. Galvin and Insurance Commissioner Julianne M. Bowler, The Boston Globe reports.
Following an internal investigation, MassMutual's board of directors fired O'Connell for allegedly abusing his position. The board charged the former CEO with entering into unauthorized transitions in an account set up by the company, and then pushing for a condo in a Marco Island, Fla., development built by the company, The Boston Globe reports. O'Connell also allegedly used company jets for personal trips, according to The Globe.
The scandal reached a new level after Reilly joined the investigation, since the Attorney General has the ability to push for criminal charges, in the course of the positive outcome of his probe.
O'Connell's spokesman Richard E. Nicolazzo denied any of his boss's wrongdoings, claiming that the CEO was ousted by the MassMutual's board of directors because he opposed the movement to take the company public.
"There's definitely two sides to his story," Nicolazzo said. "Mr. O'Connell said from day one that he intends to dispute and challenge the conclusions and actions of the board.
"Throughout his tenure, he acted in the best [interests] of the company and his policyholders, consistent with the company's policies, guidelines and board directives."
