01:22 PM EDT, 09/18/2024 (MT Newswires) -- GameStop ( GME ) was drifting 3% lower on Wednesday after the Federal Trade Commission said the company's Chief Executive Ryan Cohen agreed to pay a $985,320 in civil penalty to settle charges of federal disclosure rules following his 2018 purchase of Wells Fargo ( WFC ) stock.

Cohen bought over 562,000 Wells Fargo ( WFC ) shares in March 2018, with the value of that stock exceeding the regulatory threshold requiring him to report the transaction. Cohen continued to buy Well Fargo stock for several months, while also exchanging emails with the bank's CEO advocating for a board seat and suggesting ways to improve its operations, according to the FTC complaint.

Cohen filed the necessary disclosure documents in January 2021 - or more than 1,000 days later - detailing his 2018 stock purchases, the FTC said. The maximum fine for failing to file the correct forms with regulators is $43,792 per day although he and the agency recently agreed to the reduced amount.

Cohen did not admit or deny any wrongdoing, according to the settlement filed Wednesday with the US District Court in the District of Columbia.

Cohen did not immediately respond to a request for comments by MT Newswires.

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