Ryan Cohen, GameStop CEO and founder of Chewy, has agreed to pay a $985,320 fine for violating the Hart-Scott-Rodino Act during his acquisition of Wells Fargo shares, according to the FTC.

Ryan Cohen had amassed more than $100 million in Wells Fargo shares, the threshold for disclosure under the Hart-Scott-Rodino Act. But he didn''t submit the required filing until January 2023.

Cohen failed to notify the U.S. FTC as required when he amassed shares above the $100-million threshold in 2018, the agency said

GameStop CEO Ryan Cohen agreed to pay a nearly $1 million penalty to settle the U.S. Federal Trade Commission's claim that he failed to report acquisition of more than $100 million worth of Wells Fargo & Co voting shares,

After acquiring the shares, Cohen had periodic communications with Wells Fargo’s leadership regarding ways to improve the bank’s business and to advocate for a potential board seat, the FTC said.

Cohen agreed to the settlement with the FTC without admitting any wrong doing. The settlement isn’t final until a federal judge approves it.