Gamestop Corp. Chief Executive Officer Ryan Cohen will pay almost a $1 million penalty over allegations that he violated antitrust law with his acquisition of shares in Wells Fargo & Co.

After acquiring the shares, Cohen had periodic communications with Wells Fargo’s leadership regarding ways to improve the bank’s business and to advocate for a potential board seat, the FTC said.

GameStop 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,

On Wednesday, the Federal Trade Commission said Ryan Cohen, managing partner of RC Ventures and Chairman and CEO of GameStop Corporation (NYSE:GME), will pay a $985,320 civil penalty. This fine stems from charges that Cohen violated the Hart-Scott-Rodino Act by failing to file the necessary paperwork during his acquisition of shares in Wells Fargo & Company (NYSE:WFC).

Ryan Cohen had amassed more than $100 million in Wells Fargo shares, the threshold for disclosure under the Hart-Scott-Rodino Act. But he didn''t submit the required filing until January 2023.

The US Federal Trade Commission (FTC) on Wednesday announced that Chairman and CEO of GameStop Corp Ryan Cohen would pay around $1 million civil penalty to settle charges of an antitrust law violation related to his acquisition of Wells Fargo shares.