When Brian Thompson, the CEO of UnitedHealthcare, was gunned down outside the New York Hilton Midtown in late 2024, the world stopped. It was a cold December morning. But as the investigation into his death unfolded, another story began to shadow the tragedy—a complex web of legal filings, stock dumps, and a looming brian thompson insider trading testimony that never quite happened the way people think it did.
Most people scrolling through headlines see "insider trading" and "murder" and try to connect dots that might not even be there. Honestly, the reality is way more bureaucratic and, frankly, typical of high-finance drama.
👉 See also: Why Your Maryland State Tax Estimator Might Be Lying to You
The $15 Million Sale Everyone Is Talking About
Let’s get the numbers out of the way first. Between October 2023 and February 2024, top-tier executives at UnitedHealth Group (UHG) unloaded a staggering amount of stock. We’re talking over $120 million.
Brian Thompson himself sold about $15.1 million worth of shares.
Now, why does that matter? Because of the timing. The Department of Justice (DOJ) had quietly re-opened an antitrust investigation into UnitedHealth's acquisition of Change Healthcare in October 2023. The public didn't know. The investors didn't know. But Thompson? He definitely knew.
Why the "Testimony" is a Misnomer
You’ll see people searching for the brian thompson insider trading testimony like there’s some secret video of him under oath in a mahogany-rowed courtroom. Here’s the truth: Thompson never actually gave a public testimony on these specific charges before his death.
What actually exists are the court filings and complaints from a massive class-action lawsuit. Specifically, the City of Hollywood Firefighters’ Pension Fund filed a claim in May 2024. This document is essentially the "testimony" of the facts. It alleges that:
- Executives knew the DOJ was coming for them.
- They stayed silent while the stock price was high.
- They dumped their personal holdings before the news broke.
- When the Wall Street Journal finally leaked the probe in February 2024, the stock plummeted, erasing $25 billion in shareholder value.
If you're looking for Thompson's side of the story, you have to look at the 10b5-1 trading plans. His defenders argue these sales were scheduled months in advance. Basically, a "set it and forget it" system to avoid looking guilty. But the plaintiffs in the lawsuit argue those plans were a convenient smokescreen.
The "Firewall" That Wasn't
One of the most damning parts of the legal narrative involves something called a corporate "firewall." When UnitedHealth bought Change Healthcare, they promised the government they wouldn't share sensitive data between their insurance arm and their tech arm.
The lawsuit basically says that was a lie.
🔗 Read more: Federal Interest Rate Today: What Most People Get Wrong About the Fed’s Next Move
They claim there was no meaningful technological separation. Imagine a giant vault with two doors where everyone has both keys. That’s the allegation. This lack of a firewall is what triggered the DOJ's antitrust heat, and it’s the very information the lawsuit says Thompson and others used to time their stock exits.
Two Different Brian Thompsons?
It’s worth noting—because Google results can be a mess—that there is another Robert Brian Thompson. This guy was a supervisor at the Federal Reserve Bank of Richmond.
In a weird twist of fate, this Brian Thompson actually did plead guilty to insider trading in November 2024, just weeks before the UHC CEO was killed. He used "material nonpublic information" to trade on banks he was supposed to be supervising. He made about $600,000.
If you’re confused, you’re not alone. One Brian Thompson was a Fed supervisor who confessed; the other was a healthcare CEO who was the subject of a civil lawsuit when he was murdered. Make sure you’re looking at the right one. The CEO's case never reached a criminal trial.
What Happens to the Case Now?
Legally, you can't sue a dead man for certain things, but the class-action lawsuit against UnitedHealth Group continues. The company is still the defendant. The other executives, like Stephen Hemsley (who sold over $102 million in stock), are still very much in the crosshairs.
UHG's stock took another hit recently because they didn't adjust their 2025 financial outlook quickly enough after the shooting. Shareholders are, predictably, furious. They feel like they were left holding the bag while the C-suite cashed out.
Actionable Insights for Investors
If you're following this because you have money in the market, here’s what you actually need to do:
👉 See also: 1 ringgit to peso: What Most People Get Wrong About the Exchange
- Watch the 10b5-1 Filings: Don't just look at when an exec sells; look at when they scheduled the sale. If a plan is created right after a "confidential" meeting, that’s a red flag.
- Monitor Antitrust Sentiment: The DOJ is increasingly aggressive. Companies like UHG, which essentially operate as "everything stores" for healthcare, are under a microscope.
- Don't Confuse Civil with Criminal: As of right now, the insider trading allegations against the late CEO remain civil. There was no DOJ criminal indictment against him at the time of his death, unlike his namesake at the Fed.
The brian thompson insider trading testimony may never happen in a courtroom, but the paper trail left behind in the Minnesota District Court tells a story of its own. It’s a story of a healthcare giant trying to outrun its own shadow, and for some, the exit strategy was simply to sell.