WASHINGTON (Reuters) -Capital One [COF.N] Chief Executive Officer Richard Fairbank will pay $637,950 to settle charges he broke U.S. antitrust laws when he failed to report stock compensation in 2018, the Federal Trade Commission said on Thursday.
Fairbank did not report receiving more than 100,000 shares of the company’s stock that year, violating a law that requires companies and individuals to report such large transactions to the U.S. Federal Trade Commission and Department of Justice. The compensation boosted his holdings to $168 million that year and followed two prior instances in which Fairbank did not comply with the same law, the FTC said in a statement.
“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” said Holly Vedova, acting director of the FTC’s Bureau of Competition. “There is no exemption for Wall Street bankers and powerful CEOs when it comes to complying with our country’s antitrust laws.”
A spokesperson for Capital One did not respond immediately to request for comment. Fairbank’s compensation totaled $20.1 million last year, which included $16.8 million of stock awards and a $3 million bonus but no salary, according to a company filing.
(Reporting by Lisa Lambert and Chris PrenticeAdditional reporting by Jonathan Stempel; Editing by Mark Porter)
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