The S.E.C. found that Carl Icahn had pledged over half of his shares in Icahn Enterprises as collateral for margin loans, failing to disclose this for years.
Icahn, who owns roughly 86 percent of Icahn Enterprises, only disclosed the stock pledges in February 2022, after having made them since at least late 2018.
Icahn has been under scrutiny due to the challenges posed by Hindenburg Research, which accused Icahn Enterprises of running unsustainable economic structures.
Icahn Enterprises recently cut its dividend amid concerns raised by Hindenburg, which reported that the firm was paying dividends it couldn't afford.
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