SEC Wants Musk to Pay Money or Face Charges: Lawyer

Contact Your Elected Officials
The Epoch Times Header

The U.S. Securities and Exchange Commission (SEC) on Dec. 11 demanded a settlement from Elon Musk to avoid charges related to his purchase of Twitter, now known as X, according to a letter from Musk’s lawyer to the agency.

Musk bought Twitter in 2022 for $44 billion. That year, the SEC launched an investigation into whether he violated federal securities laws through his purchase, statements, and SEC filings.

“Yesterday the Commission Staff issued a settlement demand that required Mr. Musk agree within 48 hours to either accept a monetary payment or face charges on numerous counts,” Alex Spiro, the lawyer, wrote in the letter to the chairman of the SEC, Gary Gensler, on Thursday. “They indicated that this demand was the result of a directive from their superiors and that charges would be brought imminently unless Mr. Musk acquiesced.”

The SEC did not respond to a request for comment by publication time.

Spiro said that the SEC also subpoenaed him in its investigation but that he refused to cooperate, and that the agency also reopened a probe into Neuralink, another company owned by Musk.

“This series of events makes clear that the Commission is not motivated to seek the truth but instead is engaged in an improperly motivated campaign against Mr. Musk and the individuals and companies associated with him,” Spiro wrote. “We demand to know who directed these actions—whether it was you or the White House.”

President Joe Biden has in the past called for an investigation into Musk. The White House did not immediately return an inquiry.

Musk posted a copy of the letter from Spiro on X.

“Oh Gary, how could you do this to me?” he wrote.

In one of the latest developments in the case, the SEC tried to convince a federal judge to sanction Musk for earlier failing to appear for a deposition, but the judge turned down the request on the grounds Musk showed up at a later date.

The SEC also brought a case against Musk in 2018 over his social media posts related to taking Tesla private. Musk settled that case by resigning as Tesla’s chairman and agreeing to pay $20 million.

By Zachary Stieber

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

This Is America: Target™ Reparations

“This Is America” explores the cultural undercurrents pulling Western...

Blind Man’s Shutdown

Congress is playing the equivalent of Bind Man's Bluff. With the shout “tag your it” they seek to blame the other party for the government shutdown.

A Reluctant Acknowledgment: What Conservatives Can Admire in Everyday Progressives

Admirable ideological qualities seen in liberals and left-wing individuals are those of the everyday believer not their political leadership.

Ensuring Domestic Tranquility

The Supremacy Clause in Article VI of the U.S. Constitution establishes it as the highest law of the land, taking precedence over conflicting state laws.

Is There a 9/11 WTC and 9/10 Charlie Kirk Connection?

Strange parallels in online stories raise questions about whether Israelis and Mossad intelligence are our allies or adversaries.

Trump to Deploy 300 National Guard Members in Illinois, Pritzker Says

President Trump to deploy 300 National Guard members in Illinois after DHS said federal officers were rammed and fired upon near Chicago,

A Shooting Near Houston Suburb Leaves Two Children Dead and Two Others in Critical Condition

Two children were killed and two more were critically injured in a shooting early Saturday near the Houston suburb of Angleton, Texas, authorities said.

Trump Admin to Offer Stipends for Unaccompanied Illegal Immigrant Children Who Voluntarily Return Home

Trump admin is offering a $2,500 stipend to children who voluntarily return to their home countries after illegally entering U.S. unaccompanied.

Rite Aid Closes Last Store, Ending Decades-Long Run as One of America’s Biggest Pharmacy Chains

Rite Aid, one of the largest pharmacy chains in the country, has permanently closed the last of its locations after struggling with bankruptcy for years.

Department of Energy Cancels $7.5 Billion in Project Funding

The Dept of Energy (DOE) said on Oct. 2 that it had terminated 321 federal grants funding 223 projects, amounting to about $7.56 billion in cuts.

White House Withdraws EJ Antoni’s Nomination to Lead Bureau of Labor Statistics

The White House has withdrawn economist EJ Antoni’s nomination to lead the Bureau of Labor Statistics, the White House confirmed on Sept. 30.

US to Impose 100 Percent Tariffs on Foreign-Made Movies, Trump Says

President Donald Trump announced on Sept. 29 that he will impose a 100 percent tariff on all movies produced outside the United States.

Trump to Host Netanyahu at White House to Discuss Gaza Peace Plan

President Trump will host Israeli Prime Minister Netanyahu at the White House on Sept. 29 to discuss a ceasefire and broader peace plan for Gaza.
spot_img

Related Articles

Popular Categories

MAGA Business Central