Feeds

Gates pays $800k for stock violations

Bill unaware - cash pile now semi-autonomous

  • alert
  • submit to reddit

The Power of One eBook: Top reasons to choose HP BladeSystem

Witness box watchers know that Bill Gates is no stranger to unawareness when it comes to culpability, so will be unsurprised to learn that he was personally unaware of two stock transaction violations perpetrated by Cascade Investments, his investment company, on his behalf. Nor is it unusual for money to be paid on his behalf in order to resolve issues for which he has neither responsibility nor guilt, so the $800,000 tab to the Federal Trade Commission is no shock either.

Cascade sinned for Bill on two occasions, first in November 2001 when a purchase of stock in Republic Services, a company which we are told moves rubbish around, took his holding above 10 per cent. In such circumstances Gates has a requirement to notify the FTC of the transaction. This didn't happen, but the filing was later corrected and the FTC didn't levy any penalty. Six months later Cascade bust the 10 per cent threshold again with shares in pharmaceutical company ICOS, one of whose star products is impotence treatment Cialis. This time the FTC swelled up a tad, and the $800,000 represents a civil payment in settlement of the matter.

Three strikes and you're out? Cascade has taken steps to make sure it never happens again, saying it is implementing new procedures to avoid tis type of oversight in the future. By which we think they mean oversight as in mistake, rather than oversight as in FTC regulatory oversight. ®

Reducing security risks from open source software

More from The Register

next story
NO MORE ALL CAPS and other pleasures of Visual Studio 14
Unpicking a packed preview that breaks down ASP.NET
Captain Kirk sets phaser to SLAUGHTER after trying new Facebook app
William Shatner less-than-impressed by Zuck's celebrity-only app
Apple fanbois SCREAM as update BRICKS their Macbook Airs
Ragegasm spills over as firmware upgrade kills machines
Cheer up, Nokia fans. It can start making mobes again in 18 months
The real winner of the Nokia sale is *drumroll* ... Nokia
Mozilla fixes CRITICAL security holes in Firefox, urges v31 upgrade
Misc memory hazards 'could be exploited' - and guess what, one's a Javascript vuln
Put down that Oracle database patch: It could cost $23,000 per CPU
On-by-default INMEMORY tech a boon for developers ... as long as they can afford it
Google shows off new Chrome OS look
Athena springs full-grown from Chromium project's head
Apple: We'll unleash OS X Yosemite beta on the MASSES on 24 July
Starting today, regular fanbois will be guinea pigs, it tells Reg
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.