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.

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).

Cohen agreed to the settlement with the FTC without admitting any wrong doing. The settlement isn’t final until a federal judge approves it.

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,

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?

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.

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.