Famed activist investor Carl Icahn has agreed to pay a fine after the Securities and Exchange Commission accused him of failing to disclose billions of dollars in personal margin loans pledged against his company’s stock as collateral. The penalty is unlikely, however, to make Icahn's pockets feel much lighter.
The 88-year-old corporate raider is the chairman of Icahn Enterprises, or IEP, a publicly traded limited partnership that operates as a holding company. The SEC alleges Icahn pledged approximately 51% to 82% of IEP’s outstanding securities to secure loans and did not file the proper disclosures in timely fashion.
