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- The Securities and Exchange Commission is expected to announce Wednesday a settlement with Facebook, reports the Wall Street Journal.
- The settlement will contain a fine of more than $ 100 million after Facebook has not warned investors of the Cambridge Analytica data breach.
- Facebook is also facing a $ 5 billion fine from the Federal Trade Commission.
- Visit the Business Insider home page for more stories.
Another massive fine will hit Facebook, this time from the Securities and Exchange Commission, reports the Wall Street Journal.
A source familiar with the matter told the paper that Facebook and the SEC should announce Wednesday a settlement, including a fine of more than $ 100 million for the social network, following the treatment of the Cambridge Analytica scandal.
Specifically, the SEC punishes Facebook for failing to adequately warn investors that third parties may have had access to users' data without their consent.
The timing of the fine is not timely for the social media giant, who is also fined $ 5 billion from the Federal Trade Commission.
Read more: The $ 5 billion record fine imposed by Facebook on Facebook's FTC would cost tens of billions of dollars and would have held Mark Zuckerberg personally accountable
The sanction of the FTC has not yet been officially announced, but it would have the consequence to conclude that Facebook had misled its users, for example by giving them advertisers their phone numbers – seized for security reasons.
At the same time, the Justice Department on Tuesday announced a new in-depth antitrust investigation into major tech companies, which should include Facebook in its remit. Facebook is also expected to announce its second quarter results on Wednesday, with analysts generally optimistic about the company's outlook.
Facebook and the SEC did not immediately respond to Business Insider's request for comment.
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