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What will Icahn Enterprises' stock price be at the end of 2024?
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SEC Fines Carl Icahn, Icahn Enterprises $2 Million for Undisclosed Stock Pledges
Aug 19, 2024, 01:53 PM
The U.S. Securities and Exchange Commission (SEC) has charged billionaire investor Carl Icahn and his firm, Icahn Enterprises L.P. ($IEP), for failing to disclose the pledging of the company's securities as collateral for billions of dollars in personal loans. The SEC's investigation revealed that Icahn pledged between 51% to 82% of Icahn Enterprises' outstanding securities as collateral for personal margin loans from multiple lenders, a practice that began in 2018 and was not disclosed until February 2022. Icahn and his firm have agreed to a settlement with the SEC, paying a total of $2 million in civil penalties, with Icahn personally paying $500,000 and Icahn Enterprises paying $1.5 million. The charges include civil securities fraud, and the settlement was reached without any admission of wrongdoing from Icahn or his firm.
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