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The Federal Trade Commission fined Capital One’s chief executive, Richard Fairbank, on Thursday for repeatedly failing to inform authorities about his stock holdings.
Mr. Fairbank will pay a $637,950 civil penalty to settle charges that he didn’t report a purchase of more than 100,000 Capital One shares in 2018 that were part of his pay package, the commission said.
The agency said the purchases, which increased Mr. Fairbank’s holdings in the company to $168 million, were illegally finalized before government agencies could examine them.
The commission, which investigates unfair and anticompetitive business practices, called Mr. Fairbank a “repeat filing offender” whose wrongdoing spanned two decades. The agency said Mr. Fairbank failed to make the proper filings for transactions related to his compensation in 1999 and 2004.
Even so, Thursday’s penalty was his first.
“As the C.E.O. of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” Holly Vedova, acting director of the trade commission’s competition bureau, said in a statement. “There is no exemption for Wall Street bankers and powerful C.E.O.s when it comes to complying with our country’s antitrust laws.”
Mr. Fairbank missed the 2018 filing requirement because of an administrative error at a law firm that advised him, Sie Soheili, a spokesman for the bank, said in an email. The law firm has agreed to pay the fine, he said.
“As soon as his counsel identified the firm’s error, as noted in the F.T.C.’s published order, Mr. Fairbank promptly self-reported to the F.T.C.,” Mr. Soheili said.
Article source: https://www.nytimes.com/live/2021/09/02/business/economy-stock-market-news/