Facebook is Finally Set To Receive a Huge Fine Over the Cambridge Analytica Data Breach. Here’s What to Expect for Zuckerberg and His Company

A source familiar with the matter told the Journal that Facebook and the SEC are expected to announce a settlement on Wednesday, including a fine of over $100 million for the social network, over its handling of the Cambridge Analytica scandal.

Specifically, the SEC is punishing Facebook for failing to sufficiently warn investors that third parties may have gained access to users' data without their consent.

The timing of the fine is inopportune for the social media giant, which is also staring down the barrel of a $5 billion penalty from the Federal Trade Commission.

The FTC penalty has not been formally announced yet, but it will reportedly include a conclusion that Facebook misled its users, for example by handing users' phone numbers-- which they had entered for security purposes-- over to advertisers.

Facebook declined to comment, and the SEC did not immediately respond to Business Insider's request for comment.