By KWMU
St. Louis, MO – The former C-E-O and chairman of Engineered Support Systems in St. Louis - Michael Shanahan - has pleaded guilty to securities fraud.
The Securities and Exchange Commission had sued Shanahan and his son, Michael Junior, for backdating stock options.
As part of the plea deal today, some charges were dropped against the elder Shanahan and all charges were dropped against Michael Shanahan Junior. The elder Shanahan faces 15 to 21 months in prison and must pay back nearly $8 million to Engineered Support Systems.