SEC charges Esmark chairman over announcing false offer to buy U.S. Steel

(Reuters) – The U.S. Securities and Exchange Commission on Friday announced charges against the chairman of Esmark James Bouchard for announcing a tender offer to buy U.S. Steel despite lacking the financial means to do so.

“Bouchard and Esmark could not have completed the tender offer for U.S. Steel that they announced,” Antonia Apps, SEC Director for the New York regional office, said in a release.