Shift4 Payments, the company founded by Jared Isaacman, who has been nominated by Donald Trump to lead NASA, has reached a $750,000 settlement with the SEC for reporting and proxy violations.
According to the SEC’s order, Shift4 failed to disclose in its annual filing and proxy statement for 2020 that a sibling of an executive and director, as well as a child of another director, received approximately $1.1 million in compensation as a non-executive employee of the company. Additionally, the company did not disclose that a sibling of an executive officer and director, along with a stepchild of a different director, earned around $280,000 for residual commissions while acting as an independent sales agent for Shift4.
The SEC found that Shift4 violated reporting and proxy solicitation provisions of the Securities Exchange Act of 1934. Without admitting or denying the SEC’s findings, the company agreed to a cease-and-desist order and accepted a civil monetary penalty of $750,000.
Jared Isaacman, the founder and CEO of Shift4, has been nominated by Donald Trump as the next head of NASA.