SEC charges against ex-Nissan exec Carlos Ghosn: Settlement announced
The SEC
announced a settlement in an investigation into a $140 million compensation-fraud scheme involving former Nissan chairman Carlos Ghosn, Nissan director Greg Kelly, and the company itself.
All parties under investigation
paid fines and agreed to SEC conditions without admitting or denying the allegations.
Ghosn
was ousted as chairman of the Renault-Nissan-Mitsubishi alliance last year amid allegations of financial malfeasance; he continues to await trial in Japan.
Nissan agreed to pay a $15 million civil penalty.
Ghosn, 65, agreed to pay a $1 million civil penalty and be banned for ten years from serving as an officer or director of a public company.
Kelly, 62, agreed to a $100,000 penalty, a five-year officer and director ban, and a five-year suspension from practicing or appearing before the SEC as an attorney.
All three settled without admitting or denying the SEC’s allegations and findings.
Business Insider
SEC.gov | SEC Charges Nissan, Former CEO, and Former Director with Fraudulently Concealing from Investors More than $140 Million of Compensation and Retirement Benefits
Washington D.C., Sept. 23, 2019 —
The Securities and Exchange Commission today filed settled fraud charges against Nissan, its former CEO Carlos Ghosn, and its former director Greg Kelly related to false financial disclosures that omitted more than $140 million to be paid to Ghosn in retirement.
https://www.sec.gov/news/press-release/2019-183
The SEC’s complaint against Ghosn and Kelly is here (pdf)
https://www.sec.gov/litigation/complaints/2019/comp-pr2019-183.pdf
The SEC’s complaint against Nissan here (pdf).
https://www.sec.gov/litigation/admin/2019/34-87054.pdf
How Carlos Ghosn Hid $140 Million in Compensation From Nissan