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SEC Charges Billionaire Investor Carl Icahn with Failing to Disclose Stock Ownership

Icahn Enterprises to Pay $15 Million in Settlement

Billionaire investor Carl Icahn and his firm, Icahn Enterprises, have settled charges brought by the Securities and Exchange Commission (SEC) for failing to disclose billions of dollars in stock ownership.

The SEC announced the charges and settlement on Monday, alleging that Icahn and his firm failed to file timely disclosure forms for their ownership of shares in several companies, including Netflix, Apple, and Hertz Global Holdings.

According to the SEC, Icahn and Icahn Enterprises failed to file the required forms within 10 days of acquiring more than 5% of the outstanding shares of these companies, as required by law.

• The SEC alleges that Icahn and his firm failed to disclose their ownership of more than $1 billion in Netflix shares.
• The SEC also alleges that Icahn and his firm failed to disclose their ownership of more than $2 billion in Apple shares.
• Icahn and Icahn Enterprises have agreed to pay a total of $20 million to settle the charges, including a $5 million civil penalty.

The SEC's charges against Icahn and Icahn Enterprises are a reminder of the importance of timely and accurate disclosure of stock ownership.

Investors rely on this information to make informed investment decisions, and the SEC's enforcement actions help to ensure that companies comply with their disclosure obligations.

Icahn and Icahn Enterprises have not admitted or denied the SEC's charges but have agreed to settle the matter without admitting or denying the allegations.