By March 2018, Ryan Cohen had amassed more than $100 million in Wells Fargo shares, the threshold for disclosure under the Hart-Scott-Rodino Act. But he didn”t submit the required filing until January 2023.
The Federal Trade Commission has fined GameStop CEO Ryan Cohen nearly $1 million for failing to disclose that he had bought a huge amount of stock in Wells Fargo and was agitating for a board seat.
Cohen, also the founder and former CEO of Chewy, started buying shares of the banking giant back in 2016, working his way to more than 562,000 shares by early 2018. Around that time, he also emailed the bank’s CEO to advise him of the contributions he could make” to Wells Fargo should he become a board member, according to a complaint filed by the FTC and the Justice Department in the District of Columbia Wednesday.
