GameStop CEO Cohen to pay $1 million fine over Wells Fargo stock buy

WASHINGTON (Reuters) – GameStop (NYSE:GME) CEO Ryan Cohen agreed to pay a nearly $1 million penalty to settle the U.S. Federal Trade Commission’s claim that he failed to report acquisition of more than $100 million worth of Wells Fargo & Co voting shares, the agency said on Wednesday.

Cohen failed to notify the agency as required when he amassed shares above the $100 million threshold in 2018, the agency said. He had not purchased the shares solely as an investor, but had given bank management input into how to run its business and sought a board seat, according to the FTC.

He ultimately reported the transactions to the FTC in 2021.

An attorney for Cohen did not immediately respond to a request for comment.