Carl Icahn, the billionaire investment tycoon, and his firm Icahn Enterprises LP (IEP) have been charged by US regulators with failing to disclose billions of dollars worth of personal loans.
The Securities and Exchange Commission (SEC) said IEP and Icahn, who serves as chairman, agreed to pay $1.5m and $500,000 in civil penalties, respectively, to settle the charges.
Since 31 December 2018, Icahn used securities of IEP – pledging approximately 51% to 82% of IEP’s outstanding securities – as collateral to secure personal margin loans worth billions of dollars under agreements with various lenders, the SEC said.
IEP did not disclose Icahn’s pledges of IEP securities in its annual report until February 2022, according to the agency, and Icahn failed to file required amendments to filings until July 2023.
Those clowns always play fast and loose with their companies, treating them like their personal piggybanks.
The COFF is small-time in comparison.
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