US settles with billionaire Carl Icahn for using company to secure personal loans worth billions

AP Business Writer

Billionaire Carl Icahn and his company were charged by U.S. regulators with failing to disclose personal loans worth billions of dollars that were secured using securities of Icahn Enterprises as collateral. The Securities and Exchange Commission said Monday that the and his company have agreed to pay $1.5 million and $500,000 in civil penalties, respectively, to settle the charges, The agency said that from at least Dec. 31, 2018 to the present, Icahn pledged approximately 51% to 82% of Icahn Enterprises’ outstanding securities as collateral to secure personal loans with a number of lenders.