WASHINGTON (Reuters) – GameStop CEO Ryan Cohen agreed to pay a virtually $1 million penalty to settle the U.S. Federal Commerce Fee’s declare that he did not report acquisition of greater than $100 million value of Wells Fargo & Co voting shares, the company mentioned on Wednesday.
Cohen did not notify the company as required when he amassed shares above the $100 million threshold in 2018, the company mentioned. He had not bought the shares solely as an investor, however had given financial institution administration enter into learn how to run its enterprise and sought a board seat, in accordance with the FTC.
He in the end reported the transactions to the FTC in 2021.
An legal professional for Cohen didn’t instantly reply to a request for remark.
(Reporting by Jasper Ward and Doina Chiacu; Enhancing by David Ljunggren; Enhancing by David Gregorio)