Rohan Goswami is an associate reporter on CNBC’s technology team.
The Securities and Exchange Commission on Monday said it had fined billionaire activist investor Carl Icahn and his company $2 million, settling allegations that he failed to disclose billions of dollars worth of personal margin loans pledged against the value of his Icahn Enterprises stock. Icahn and the publicly-traded company that bears his name settled those charges without admitting or denying wrongdoing. They agreed to pay $500,000 and $1.
As the effective controlling shareholder of IEP, Icahn would have been expected to make what are known as Schedule 13D filings, which typically detail what a control shareholder expects to do with their influence over a company but also would have had to include information about any encumbrances, like margin loans, on a stake. “The federal securities laws imposed independent disclosure obligations on both Icahn and IEP,” said Osman Nawaz, a senior SEC official.
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