United States SEC Fines Esmark Inc and Founder & Chairman James Bouchard $600,000 for False Announcement to Buy U.S. Steel for $7.8 Billion Including Falsely Claiming to Have $10 Billion Cash Committed to the Deal
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more
2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only.
You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
United States SEC Fines Esmark Inc and Founder & Chairman James Bouchard $600,000 for False Announcement to Buy U.S. Steel for $7.8 Billion Including Falsely Claiming to Have $10 Billion Cash Committed to the Deal
8th September 2024 | Hong Kong
The United States Securities & Exchange Commission (SEC) fines Esmark Inc and founder & Chairman James Bouchard$600,000 for false announcement to buy U.S. Steel for $7.8 billion, including falsely claiming to have $10 billion cash committed to the deal.United States SEC (6/9/24): “The Securities and Exchange Commission today announced settled charges against Esmark Inc. and its founder, chairman, and former CEO, James P. Bouchard, for publicly announcing a tender offer to purchase U.S. Steel Corporation for $35 per share even though Esmark lacked the financial means to consummate the offer. According to the SEC’s order, on Aug. 14, 2023, at Bouchard’s direction and approval, Esmark announced an offer for all issued and outstanding shares of U.S. Steel for $35 per share, which would have required $7.8 billion in cash to complete. The following day, Bouchard appeared on a cable news program and said that Esmark had $10 billion available in cash committed to the deal and would not put up any of Esmark’s assets as collateral. The order finds that these statements were false because Esmark did not have the $7.8 billion in cash required to complete the purchase of U.S. Steel, and, therefore, Esmark and Bouchard did not have a reasonable belief that they would have the means to purchase the securities needed to complete the announced tender offer for U.S. Steel.The SEC’s order finds that Esmark and Bouchard violated Section 14(e) of the Securities Exchange Act of 1934 and Rule 14e-8 thereunder. Without admitting or denying the SEC’s findings, Esmark and Bouchard agreed to cease and desist from committing or causing any future violations of these provisions and to pay civil penalties of $500,000 and $100,000 respectively.”
“United States SEC Fines Esmark Inc and Founder & Chairman James Bouchard $600,000 for False Announcement to Buy U.S. Steel for $7.8 Billion Including Falsely Claiming to Have $10 Billion Cash Committed to the Deal “
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
The 2024 Family Office Summit17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
United States SEC Fines Esmark Inc and Founder & Chairman James Bouchard $600,000 for False Announcement to Buy U.S. Steel for $7.8 Billion Including Falsely Claiming to Have $10 Billion Cash Committed to the Deal
United States
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
