The 70-year-old chief allegedly failed to report large stock transactions several times over the past two decades.
Thursday, the FTC alleges Fairbank illegally acquired 101,148 shares of Capital One voting stock in 2018 because he failed to first notify the agency and the Department of Justice, as required by the Hart-Scott-Rodino Act of 1976, which aims to curb antitrust practices by allowing regulators to investigate transactions.
The acquisitions boosted Fairbank's holdings to more than $168.8 million at the time, far more than the $100 million threshold requiring disclosure under the HSR Act, the FTC said. The agency notes Fairbank made a correction filing in December 2019, meaning he was in violation of the law for nearly two years.
According to the complaint, Fairbank previously failed to comply with the HSR Act on two other occasions since 1999, though the FTC gave him a"free pass" after he pledged to ensure the required HSR notifications would be filed going forward. In a statement, Capital One Spokesperson Sie Soheili said Fairbank missed the filing obligation in 2018"due to administrative errors" by the firm and that his personal law firm has agreed to pay the fine"as a result of its mistake."“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” FTC official Holly Vedova said in a Thursday statement.
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