The U.S. Securities and Exchange Commission announced that it has filed charges against Carl Icahn and his publicly traded company, Icahn Enterprises L.P. (IEP), for not disclosing Icahn's use of IEP securities as collateral for personal margin loans totaling billions of dollars. The loans were secured through agreements with multiple lenders. To resolve the SEC's charges, IEP has agreed to pay $1.5 million, while Icahn will pay $500,000 in civil penalties.
According to the SEC's orders, from at least December 31, 2018, through the present, Carl Icahn, who is the controlling shareholder and Chairman of the board of directors of IEP's general partner, pledged between 51% and 82% of Icahn
Enterprises L.P.'s (IEP) outstanding securities as collateral for personal margin loans totaling billions of dollars under various agreements with lenders. Despite the margin loan agreements and their amendments, IEP did not disclose Icahn's use of IEP securities as collateral in its Form 10-K until February 25, 2022.
Additionally, Icahn failed to amend Schedule 13D to reflect his margin loan agreements and amendments, which dated back to at least 2005, and did not include the required guaranty agreements. This failure to update Schedule 13D continued at least until July 9, 2023.
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