In a move to stop Massachusetts Secretary of State William F. Galvin from subpoenaing documents, MassMutual Financial Group has disclosed the termination letter detailing the behavior that led to the sudden departure of former CEO Robert J. O'Connell, The Boston Globe reports.
According to the document, O'Connell engaged in eight offenses, including making unauthorized trading in a supplemental compensation account; buying a Marco Island, Fla. company-built condominium at below-market prices; caused the company to make a false statement about that sale to the California Department of Insurance.
In addition, the company claims that he cost the company "unwarranted and excessive" severance payments "in connection with personally motivated and retaliatory terminations" of certain employees.
In the letter, the company also mentioned that O'Connell interfered with the investigation of the CEO's son Jared, who worked at the firm's Oppenheimer mutual fund unit. The firm eventually reprimanded Jared Oppenheimer, who it found passed confidential trading tips to his brother-in-law, another MassMutual employee. While CEO, O'Connell "improperly" removed and destroyed records of the incident and subsequent reprimand from the records of both from their personnel files, the company charged.
O'Connell also plans on appearing at a board meeting in
"Mr. O'Connell has said from day one that he intends to dispute and challenge the conclusions and actions of the board," said Joseph Grillo, spokesman for O'Connell. "Throughout his tenure, he acted in the best interests of the company and its policyholders consistent with the company's policies, guidelines, and board directives."
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