SEC asks Federal Judge to hold Elon Musk in Contempt.
03-01-19, 02:56 PM
#16
Pole Position
As patgilm (correctly) pointed out, that is considered a civil action, not criminal. One does not necessarily go to prison for not being allowed to serve as CEO or on a board. But Musk had better watch out where he decides to light up those joints.....there are states that have not decriminalized weed, and one can still go to prison for it, though not likely on a first-offense.
Last edited by swajames; 03-01-19 at 03:33 PM.
03-01-19, 03:51 PM
#17
Lexus Fanatic
Thread Starter
I don't think anyone had said the SEC's actions were pursed through the criminal justice system. My point was simply commenting on what the SEC can do, snd one of those things is to instigate proceedings to prevent an individual from serving as an officer at a publicly held company, This was reportedly one of the penalties the SEC were considering before and it may well be on the agenda again given his continued behavior.
It may be fashionable, right now, to beat up on Musk, but his behavior is not unique among auto-industry managers and CEOs by any means. Henry Ford II, Ferdinand Piech, Lee Iacocca, Harley Earl, Roger Smith, and John DeLorean are all examples of men of great power in the auto business who let their positions go to their heads.
04-26-19, 03:35 PM
#18
Lexus Fanatic
Thread Starter
Musk and the SEC reached a settlement on the earlier complaints....though it still has to be court-approved. I didn't think it needed a new thread...I'll just add it to this one.
https://www.washingtonpost.com/techn...&noredirect=on
Tesla Inc. electric automobiles sit charging at a Tesla Supercharger station in Zaltbommel, Netherlands, on Monday, April 1, 2019. With 5,315 new cars registered, Tesla’s Model 3 accounted for 29 percent of the new sales. Photographer: Jasper Juinen/Bloomberg (Jasper Juinen/Bloomberg)
By Faiz Siddiqui
April 26 at 5:39 PM
Elon Musk and the Securities and Exchange Commission resolved their dispute over Musk’s tweets, they said in a court filing Friday, removing some uncertainty around Musk’s leadership of the company.
In the filing, the two sides said they agreed to make amendments to a deal they struck last year, laying out more clearly what communications require oversight and approval for Musk.
The SEC asked U.S. District Judge Alison Nathan to hold Musk in contempt, alleging a Feb. 19 tweet from Musk -- which claimed Tesla would deliver half a million vehicles this year -- violated the terms of an earlier securities fraud agreement that required Musk’s tweets concerning company news to be pre-approved by the agency. The tweet was misleading, the SEC argued, because Tesla was on track to produce up to 400,000 vehicles in 2019.
Musk corrected his tweet hours later, saying the company’s pace of production would amount to 500,000 vehicles, but Tesla would only produce 400,000 in the calendar year.
A federal judge in New York had ordered the parties to meet over the course of two weeks to settle the matter, but they requested extensions after the initial filing deadline.
The new agreement between Musk and the SEC still requires approval by a judge.
https://www.washingtonpost.com/techn...&noredirect=on
Elon Musk and the SEC resolve dispute over the Tesla CEO’s tweets
The SEC had asked a federal judge to hold Musk in contempt over a tweet concerning Tesla’s production numbers.
Tesla Inc. electric automobiles sit charging at a Tesla Supercharger station in Zaltbommel, Netherlands, on Monday, April 1, 2019. With 5,315 new cars registered, Tesla’s Model 3 accounted for 29 percent of the new sales. Photographer: Jasper Juinen/Bloomberg (Jasper Juinen/Bloomberg)
By Faiz Siddiqui
April 26 at 5:39 PM
Elon Musk and the Securities and Exchange Commission resolved their dispute over Musk’s tweets, they said in a court filing Friday, removing some uncertainty around Musk’s leadership of the company.
In the filing, the two sides said they agreed to make amendments to a deal they struck last year, laying out more clearly what communications require oversight and approval for Musk.
The SEC asked U.S. District Judge Alison Nathan to hold Musk in contempt, alleging a Feb. 19 tweet from Musk -- which claimed Tesla would deliver half a million vehicles this year -- violated the terms of an earlier securities fraud agreement that required Musk’s tweets concerning company news to be pre-approved by the agency. The tweet was misleading, the SEC argued, because Tesla was on track to produce up to 400,000 vehicles in 2019.
Musk corrected his tweet hours later, saying the company’s pace of production would amount to 500,000 vehicles, but Tesla would only produce 400,000 in the calendar year.
A federal judge in New York had ordered the parties to meet over the course of two weeks to settle the matter, but they requested extensions after the initial filing deadline.
The new agreement between Musk and the SEC still requires approval by a judge.
04-26-19, 09:25 PM
#19
Racer
Join Date: Jan 2007
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this news may in part along with bad earnings this quarter caused the stock to go down another 6.29% this friday...so in total teslas' valuation went down more than $10 billion dollars this week. ouch. 
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flipside909
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