WASHINGTON (Reuters) - Fayez Sarofim, who is on the Kinder Morgan (N:KMI) board of directors, has agreed to pay a $720,000 civil penalty for failing to report the purchase of voting securities of Kinder Morgan and Kemper Corporation (N:KMPR) to antitrust enforcers, the Justice Department said on Friday.
Sarofim, who is also chairman of Fayez Sarofim & Co investment advisers, bought the Kinder Morgan securities in 2001, 2006 and 2012, and the Kemper Corp securities in 2007, the department said.
Big mergers and large share purchases must be reported to the Federal Trade Commission, which works with the Justice Department to ensure that the transactions are legal under antitrust law.
Sarofim could not immediately be reached for comment.