Justice Department Fines Gates $800,000Justice Department Fines Gates $800,000
The Microsoft chairman was fined for allegedly failing to disclose his investment in a pharmaceutical company.
May 3, 2004
Microsoft chairman Bill Gates has agreed to pay a fine of $800,000 for allegedly failing to disclose an investment in a Seattle-area pharmaceutical company, the Department of Justice said Monday.
According to a Justice Department civil suit filed Monday in the U.S. District Court in Washington, Gates failed to comply with antitrust premerger notification requirements of the Hart-Scott-Rodino Act after acquiring more than $50 million worth of voting securities in Icos Corp. Gates, who acquired the securities through his personal investment company, is on the board of directors at Icos. The Justice Department said Gates is not exempt from notification because he intends to participate in business directions of the company. The department on Monday filed a proposed settlement with Gates that, if approved by the court, will settle the charges. The case isn't related to the Justice Department's antitrust settlement with Microsoft, the department said in a statement.
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