GameStop CEO Ryan Cohen Fined Nearly $1M for Unlawful Wells Fargo Share Acquisition

Cohen settled FTC allegations of violating antitrust law by failing to disclose his large purchase of Wells Fargo shares and attempting to influence the bank's operations.

Ryan Cohen, CEO of GameStop, will pay a $985,320 penalty for violating the Hart-Scott-Rodino Act.
Cohen failed to file required paperwork when his acquisition of Wells Fargo shares exceeded the $100 million threshold in 2018.
The FTC found that Cohen's intent to influence Wells Fargo's business decisions disqualified his investment from being considered passive.
Cohen sought a board seat and made business improvement suggestions to Wells Fargo's leadership, further indicating his intent to influence.
The settlement, which Cohen agreed to without admitting wrongdoing, awaits federal judge approval.