Danaher co-founder Mitchell Rales agreed to pay $720,000 to settle allegations that he failed to report stock purchases to the government so that they could be vetted to determine if they violate antitrust law, antitrust enforcers said on Tuesday.
The Federal Trade Commission also reached a settlement with hedge fund founder Ahmet Okumus, who agreed to pay $180,000 to settle allegations that he improperly failed to notify the FTC when he bought shares of Web.com.
The agencies said that Rales failed to report that his wife bought Colfax shares in 2011 and when he bought Danaher securities in 2008.
Rales is a co-founder of Danaher, a diversified science and technology company that makes medical diagnostic tools and a broad range of other products.
“This settlement resolves an oversight by Mr. Rales in not making required antitrust filings with the FTC in connection with small purchases of additional shares in Colfax and Danaher, both companies he co-founded many years ago,” a Rales spokesperson said in a statement.
Full Content: Reuters