Shift4 Payments, the firm founded by Donald Trump's pick to lead Nasa, reached a $750,000 settlement with the SEC for reporting and proxy violations.
According to the SEC's order, in its annual filing and proxy statement for 2020 Shift4 failed to disclose that a sibling of an executive and director (as well a child of a different director) received about $1.1 million in compensation as a non-executive employee of the company.
The firm also failed to disclose that a sibling of an executive officer and director (as well as a stepchild of a different director), received around $280,000 from Shift4 as payment of residual commissions while acting as an independent sales agent not employed by the company.
The SEC has found Shift4 violated reporting and proxy solicitation provisions of the Securities Exchange Act of 1934.
Without admitting or denying the SEC's findings, Shift4 agreed to a cease-and-desist order and to pay a $750,000 civil monetary penalty.
Shift4 founder and CEO Jared Isaacman has been nominated by incoming US president Donald Trump as the next head of space agency Nasa.