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Investment firm founder Fayez Sarofim agreed to pay $720,000 in civil penalties to resolve allegations that he violated the Hart-Scott-Rodino Act by failing to report stock purchases from several issuers between 2001 and 2012. The HSR Act exempts acquisitions of up to ten percent of voting securities if they are made solely for investment purposes, but this exemption is not available to individuals who serve on the board of directors of the issuer at the time the shares are acquired. The FTC alleged that because Sarofim was serving as a board member at each company for which he acquired voting shares, he was ineligible for an investment-only exemption from filing and his failure to report a series of transactions to U.S. antitrust authorities violated the Act. From 2001 to 2012, Sarofim acquired voting shares of energy infrastructure company Kinder Morgan, Inc., crossing three different filing thresholds without making the filings required under the HSR Act. In 2007, he acquired voting shares in insurance holding company Kemper Corporation and did not file as required under the Act. According to the complaint, he was already serving as a board member at Kinder Morgan and at Kemper’s predecessor company, Unitrin Inc., before he made the respective stock purchases.