funding firm chairman Fayez Sarofim to pay to settle antitrust violations

WASHINGTON Fayez Sarofim, a billionaire darling of Houston high society acknowledged for jogging a Texas funding corporation, has agreed to pay a $720,000 civil penalty for failing to record the acquisition of vote casting securities of Kinder Morgan and Kemper enterprise (KMPR.N), the Federal change fee stated on Friday.

Sarofim, chairman of Fayez Sarofim & Co funding advisers, sold Kinder Morgan securities in 2001, 2006 and 2012, and Kemper Corp securities in 2007 however did not notify antitrust enforcers, the FTC said.

big mergers and large share purchases should be suggested to the Federal trade fee, which fits with the Justice department to make certain that the transactions are legal beneath antitrust regulation.

The Egyptian-born, three times-married Sarofim, whose existence story rivals whatever seen in television cleaning soap operas, supported Jeb Bush in his run for the presidency.

he is one of 20 "investment professionals" listed at the net website of his Houston-based company, Fayez Sarofim & Co.

The authorities said in its complaint that Sarofim's preliminary Kinder Morgan percentage purchases may be defined as for funding best, and therefore could be exempt from reporting to the FTC. however as soon as he become at the board of directors, in addition share purchases had to be suggested, the government said.

similarly, Sarofim was at the board of Unitrin, which later became Kemper, whilst he offered 10,000 stocks of the business enterprise in 2007, in addition to subsequent percentage purchases. He also did not report these purchases to the FTC, the authorities alleged.