WASHINGTON (Reuters) - Danaher Corp 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 Corp shares in 2011 and when he bought Danaher Corp securities in 2008.
Rales is a co-founder of Danaher Corp, 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 Corporation and Danaher Corporation, both companies he co-founded many years ago,” a Rales spokesperson said in a statement.
Rales was “pleased” to have resolved this matter, the statement said.
Attempts to reach a representative for Okumus were unsuccessful.
Once mergers or share purchases are reported to the FTC, the FTC or Justice Department review them to ensure that they do not violate antitrust law.
Reporting by Diane Bartz; Editing by Alan Crosby