9/23, 4:40 PM (Source: TeleTrader)
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SEC charges Nissan, ex-CEO and ex-director

The Securities and Exchange Commission (SEC) on Monday filed fraud charges against Nissan, its former CEO Carlos Ghosn, and its former director Greg Kelly regarding false financial disclosures that omitted more than $140 million to be paid to Ghosn in retirement.

According to the SEC’s charges, back in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own.

From 2009 until his arrest in Tokyo in November 2018, Ghosn, with the help from Kelly and subordinates at Nissan, engaged in a scheme to conceal more than $90 million of compensation from public disclosure, while also taking steps to increase Ghosn's retirement allowance by more than $50 million.

Breaking the News / TF