Kerkorian Firm Settles With SEC Over Faulty Reporting

Law360, New York (September 3, 2008, 12:00 AM EDT) -- Tracinda Corp., the Beverly Hills, Calif.-based investment firm owned by billionaire Kirk Kerkorian, has settled allegations by the U.S. Securities and Exchange Commission that it violated federal securities law by failing to report its plan to sell 28 million shares of General Motors Corp. stock in 2006.

In a cease-and-desist order filed Wednesday, the SEC announced that Tracinda and Kerkorian, the sole shareholder and director of the firm, had agreed to stop engaging in behavior that violates reporting requirements under the Securities Exchange Act. Tracinda did...
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