Billionaire investor Carl Icahn and his company, Icahn Enterprises, have settled charges with the SEC for failing to disclose personal loans worth billions of dollars secured using the company’s securities as collateral. Icahn and Icahn Enterprises will pay $2 million in total civil penalties. The SEC found that from at least 2018 to 2022, Icahn pledged between 51% to 82% of Icahn Enterprises' shares as collateral without proper disclosure. The charges stem partly from a 2023 report by Hindenburg Research that accused Icahn of using new investor funds to pay dividends, likened to a Ponzi scheme. Despite settling, Icahn maintains that Hindenburg's allegations were baseless and damaging to his company and its investors.