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 ( NYSE: GME) CEO Ryan Cohen has been at the center of several recent legal actions, even as shares of the video game retailer drop below $20. Will Cohen represent another distraction as the sometime meme stock looks to chart an uncertain future?

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).

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.

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,

Cohen failed to notify the U.S. FTC as required when he amassed shares above the $100-million threshold in 2018, the agency said