Nebraska trucking company founder fined over $480k by FTC

The FTC says Werner violated the Hart-Scott-Rodino (HSR) Act by acquiring company stock while he was a director of the company. 
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LINCOLN, Neb. (KLKN) – The Federal Trade Commission announced they will be fining Clarence L. Werner, founder of Werner Enterprises, for violating anti-trust laws.

The FTC says Werner violated the Hart-Scott-Rodino (HSR) Act by acquiring company stock while he was a director of the company.

According to the FTC, the HSR Act requires companies and individuals to report stock purchases over a certain threshold to the FTC and DOJ.

The companies and individuals must wait before closing transactions so that the agencies can investigate the potential competitive impact of the purchase.

“As a director of the issuer and an active participant in these transactions, Mr. Werner should have realized that he might have regulatory obligations and sought legal advice,” said Holly Vedova, Director of the Bureau of Competition.

The FTC complaint states that Werner failed to complete required HSR filings and made additional purchases after learning he violated the HSR Act.

The FTC voted to accept the settlement to refer the matter to the Department of Justice. The DOJ filed a complaint and proposed stipulated order in the U.S. District of Columbia on Dec. 22.

 

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