Iftar Time Ramadan 17
Lahore
LHR
06:14 PM
Karachi
KHI
06:44 PM
Islamabad
ISB
06:20 PM
Peshawar
PWR
06:26 PM
Quetta
QTA
06:44 PM
Ramadan Pedia

GameStop CEO Cohen to pay huge fine over Wells Fargo stock buy

GameStop CEO Cohen to pay huge fine over Wells Fargo stock buy

Business

GameStop CEO Cohen to pay huge fine over Wells Fargo stock buy

Follow on
Follow us on Google News
 

 WASHINGTON (Reuters) - GameStop CEO Ryan Cohen agreed to pay a nearly $1 million penalty to settle the US Federal Trade Commission's claim that he failed to report acquisition of more than $100 million worth of Wells Fargo & Co voting shares, the agency said on Wednesday.

Cohen failed to notify the agency as required when he amassed shares above the $100 million threshold in 2018, the agency said. He had not purchased the shares solely as an investor, but had given bank management input into how to run its business and sought a board seat, according to the FTC.

He ultimately reported the transactions to the FTC in 2021.