The Securities and Exchange Commission on 19 August announced charges against Carl Icahn and Icahn Enterprises “for failing to disclose information relating to Icahn’s pledges of IEP securities as collateral to secure personal margin loans worth billions of dollars under agreements with various lenders”, according to a press release.

The company and Icahn have agreed to pay $1.5m, and $500,000 in civil penalties, respectively, to settle the charges.