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US: Investment firm chairman to pay to settle antitrust violations

By  |  October 30, 2016

Fayez Sarofim, a billionaire darling of Houston high society known for running a Texas investment company, has agreed to pay a $720,000 civil penalty for failing to report the purchase of voting securities of Kinder Morgan and Kemper Corporation, the Federal Trade Commission said on Friday.

Sarofim, chairman of Fayez Sarofim & Co investment advisers, bought Kinder Morgan securities in 2001, 2006 and 2012, and Kemper Corp securities in 2007 but failed to notify antitrust enforcers, the FTC said.

Big mergers and large share purchases must be reported to the Federal Trade Commission, which works with the Justice Department to ensure that the transactions are legal under antitrust law.

The Egyptian-born, thrice-married Sarofim, whose life story rivals anything seen in TV soap operas, supported Jeb Bush in his run for the presidency.

He is one of 20 “investment professionals” listed on the web site of his Houston-based firm, Fayez Sarofim & Co.

Full Content: Reuters

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