Tesla’s Elon Musk mocks SEC as judge demands they justify fraud settlement
New York: Tesla Inc’s Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive. Former SEC lawyers questioned the wisdom of Musk’s latest tweet, but said it was unlikely to jeopardize the settlement, which prevents Musk from denying wrongdoing or suggesting that the regulator’s allegations were untrue. “She may want to know why Tesla is paying a fine because the CEO doesn’t know when to shut up,” said Adam Pritchard, a University of Michigan law professor and former SEC lawyer. But in 2014, the 2nd US Circuit Court of Appeals overturned Rakoff’s rejection of a $285 million SEC settlement with Citigroup Inc, saying he should have given “significant deference” to the regulator. “The vast majority of settlements like this are approved by courts.” Pritchard said before Musk’s tweet that he saw no “serious chance” for a rejection of Musk’s settlement, based on 2nd Circuit precedent.
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