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The Federal Trade Commission announced today Comcast (NSDQ: CMCSA) CEO Brian L. Roberts has agreed to pay $500,000 to settle charges that he broke antitrust law by failing to report stock that he acquired between 2007 and 2009.
During this time, Roberts owned restricted stock under a bonus and 401K plan that vested due to his his tenure with the company. As a result, he acquired 3,700 new voting shares in the company and came to hold $126 million worth of Comcast stock in total.
The acquisitions meant that Roberts violated the Hart-Scott-Rodino Antitrust Improvement Act, a law that requires stock owners to notify regulators in some circumstances when they obtain voting shares that give them significant worth in a company.
In a press release, the FTC said the penalty was limited because Roberts’ transgression was inadvertent and a “technical” violation of the rules. It also said that the executive’s lawyers may have been to blame.
The complaint, which was filed by the Justice Department and will now be withdrawn because of the settlement, states that this the third time Roberts has violated the antitrust law. A copy is embedded below.
Antitrust complaint against Comcast CEO Brian Roberts
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