SEC Sues Tesla CEO Elon Musk for Fraud

By [email protected] The Securities and Exchange Commission filed court documents Thursday charging Tesla CEO Elon Musk with fraud over “false and misleading statements” on taking the company private.

“The chairman and CEO of a public company has important responsibilities to shareholders,” said Stephanie Avakian, co-director of the U.S. Securities and Exchange Commission’s Division of Enforcement, at a press briefing. “Those responsibilities include the need to be scrupulous and careful about the truth and accuracy of statements made to the investing public.”

“Neither celebrity status nor reputation as a technological innovator provide an exemption from the federal securities laws,” she said.

The complaint seeks a

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