The SEC stated: "From no later than April 1994 through 2005, UnitedHealth concealed hundreds of millions of dollars in expenses from investors, and significantly overstated the Company's income, by backdating employee stock option grants and failing to properly disclose and account for its true compensation expenses."

The SEC stated that: "[It] filed a civil injunctive action against UnitedHealth Group Inc., a Minnetonka, Minnesota health insurance company, alleging that it engaged in a scheme to backdate stock options. Without admitting or denying the allegations, UnitedHealth agreed to settle to charges that it violated the reporting, books and records, and internal controls provisions of the federal securities laws."

On March 10, 2009, the SEC issued a final judgment against UnitedHealth Group Incorporated stating: "Defendant . . consented to the Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."