By Patrick Danner Updated 12:32 pm CDT, Friday, September 28, 2018 Former FourWinds Logistics CEO Stan Bates is escorted out of the John H. Wood, Jr. U.S. Courthouse after he is sentenced to 15 years in prison earlier this month. He and Carlos Uresti are being sued by the Securities and Exchange Commission. less Former FourWinds Logistics CEO Stan Bates is escorted out of the John H. Wood, Jr. U.S. Courthouse after he is sentenced to 15 years in prison earlier this month. He and Carlos Uresti are being sued by the ... more Photo: Staff File Photo Former state Sen. Carlos Uresti leaves the San Antonio federal courthouse surrounded by a crowd of supporters in June after being sentenced to 12 years in federal prison for his criminal conviction in the FourWinds Logistics case. He is now being sued by the Securities and Exchange Commission. less Former state Sen. Carlos Uresti leaves the San Antonio federal … [Read more...] about SEC sues Uresti, Bates for securities fraud
PROVIDENCE, R.I. (WPRI) — The former Rhode Island lawmaker accused of writing millions of dollars worth of bogus checks in a check-kiting scheme officially pleaded guilty in Federal Court Friday morning.Former state Senator and businessman James E. Doyle, III, 46, of Pawtucket, today pleaded guilty to 31 counts of bank fraud and one count each of filing a false tax return and failing to file a tax return, the US Attorney's Office confirmed.Prosecutors said Doyle - who resigned his state Senate position in January - engaged in $74 million dollars in worthless bank transactions executed in check-kiting schemes through bank accounts he controlled at Bristol County Savings Bank, Alliance Blackstone Valley Federal Credit Union (ABVFCU) and Santander Bank.Prosecutors said Doyle admitted that he executed the scheme through the use of checks, cash withdrawals, ATMs electronic transfers and ACH transfer payments.According to prosecutors, “Check-kiting” consists of … [Read more...] about Ex-state senator pleads guilty to bank fraud
Tech & ScienceTesla stock has tanked this week after the U.S. Security and Exchange Commission (SEC) moved ahead with a lawsuit against co-founder and chief executive Elon Musk.The legal move allegedly came after a settlement with regulatory officials fell through at the last minute, with CNBC reporting that Musk and Tesla would have only been facing a financial penalty if such a deal could have been finalized. Instead, the SEC demanded blood. Ultimately, the agency appealed for Musk to be prohibited from running his own electric car company.Figures compiled by Statista (above) show how turbulent Tesla’s position in the market has been in recent months—with most major swings determined by Musk’s own behavior. The graph shows a high around the time a fateful tweet claimed that funding had been “secured” to take the business private at $420 a share, to a low when the CEO was filmed smoking drugs.On Thursday, shares fell as much as 13 … [Read more...] about Is Tesla Better Off Without Elon Musk? Fraud Charge Brings Uncertain Future
Nathan Bomey USA TODAY Published 10:41 AM EDT Sep 28, 2018 Elon Musk's role as CEO and chairman of Tesla is suddenly on the line. The Securities and Exchange Commission says the Tesla boss needs to go after he publicly declared last month that he had "funding secured" to take the electric vehicle company private despite not having a deal lined up. The agency sued Musk on Thursday, asking a federal judge to impose fines and force Musk's removal — not just from Tesla but from leadership or board membership of any publicly traded company. Musk defended himself, saying "integrity is the most important value in my life and the facts will show I never compromised this in any way.” Can he survive this storm and remain in his leadership role? Here are five key factors to watch: 1. Will tolerance for risk prevent Musk from settling? Musk is famously willing to take risks, having poured the wealth he accumulated from co-founding PayPal into Tesla and then … [Read more...] about Elon Musk: Can Tesla CEO survive SEC accusations of fraud?
DETROIT — Tesla without Elon Musk at the wheel? To many of the electric car maker’s customers and investors that would be unthinkable. But that’s what government securities regulators now want to see. The Securities and Exchange Commission has asked a federal court to oust Musk as Tesla’s chairman and CEO, alleging he committed securities fraud with false statements about plans to take the company private. The agency says in a complaint filed Thursday that Musk falsely claimed in an Aug. 7 statement on Twitter that funding had been secured for Tesla Inc. to go private at $420 per share, a substantial premium over the stock price at the time. An SEC press release says the agency asked the U.S. District Court in Manhattan for a “bar prohibiting Musk from serving as an officer or director of a public company.” It also is asking for an order enjoining Musk from making false and misleading statements along with repayment of any gains as well as civil … [Read more...] about SEC accuses Elon Musk of securities fraud, seeks to bar him from being Tesla CEO