• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • Porsche Cars North America Gets a New CEO
  • Canadian Union Approves New Contract with Ford
  • The Rearview Mirror: Birth of a Legendary Design
  • UAW Ups Pressure, Expands Strikes to Parts Depots
  • Ineos Begins Grenadier Production for North America
  • VinFast Focuses on Europe to Beat Chinese Rivals to Market
  • Honda Establishes Global Motorsports Organization
  • Bugatti Rimac Signs U.S. Distribution Pact with VW
  • Tentative Settlement Ends Ford Strike Threat in Canada
  • NHTSA Revives Ford Focus Recall Investigation
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
      • Feeder
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2024 Mazda CX-90 Turbo S Premium Plus
    • A Week With: 2024 Mercedes-AMG EQE SUV
    • A Week With: The 2024 BMW i7 xDrive60
    • A Week With: 2024 Alfa Romeo Tonale Veloce AWD
    • A Week With: 2023 Toyota Camry XSE Hybrid
    • A Week With: 2024 Subaru Impreza RS
    • A Week With: 2023 Chevrolet Colorado ZR2 Desert Boss
    • First Drive: 2024 Polestar 2
    • A Week With: 2024 Mercedes-Benz GLE 450 4Matic
    • A Week With: 2023 Mazda CX-50 Turbo
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Automakers > SEC Fines Ghosn $1M, Nissan $15M for False Compensation Reporting

        SEC Fines Ghosn $1M, Nissan $15M for False Compensation Reporting

        Agency reaches settlement with both concerning compensation reporting.

        Michael Strong
        Michael Strong , Managing Editor
        Sept. 23, 2019
        Carlos Ghosn’s been fined $1 million by the SEC as part of settlement regarding the false reporting of his compensation package.

        Despite a $1 million fine from the Securities and Exchange Commission, former Nissan Chairman Carlos Ghosn appears to be getting fairer and better treatment than he’s received from Japanese regulators during the last year.

        Ghosn and Nissan Motor Co. paid fines as part of a settlement reached by the parties on Friday due to false reporting of the former executive’s compensation package. In addition to the fine, Ghosn cannot hold a senior management position with any company in the U.S. for a decade.

        Nissan was fined $15 million for its role in the scheme, according to the SEC. The problems, according to the SEC, began in 2004 when Nissan’s board delegated the authority to set individual director and executive compensation levels to Ghosn, including his own.

        (Nissan CEO Admits to Getting Overpaid, Benefitted From Program that Led to Ghosn’s Ouster)

        “Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market,” said Stephanie Avakian, co-director of the SEC’s Division of Enforcement.

        According to the SEC, Ghosn, former top exec Greg Kelly and other leaders created ways to structure payment of the undisclosed compensation after Ghosn’s retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan’s Long Term Incentive Plan, and changing the calculation of Ghosn’s pension allowance to provide more than $50 million in additional benefits.

        Ghosn’s legal team said in a statement they were “pleased to have resolved this matter in the U.S. with no findings or admission of wrongdoing … The SEC settlement expressly permits Mr. Ghosn to continue to contest and deny the factual and legal allegations against him in the criminal proceedings in Japan, and Mr. Ghosn fully intends to do so.”

        The team added “that, if given a fair trial, he will be acquitted of all charges and fully vindicated.”

        (For more on the latest allegations against Ghosn, Click Here.)

        Ghosn is looking for a similar result in Japan; however, he faces a much taller task there. He’s been charged with receiving unreported income of about $44 million between 2011 and 2015. That figure has since been increased and he has been accused of a series of additional crimes.

        Last month, as TheDetroitBureau.com reported, new evidence surfaced suggesting the executive ran an investment operation in Silicon Valley, along with his son, using millions of dollars illegally funneled through one of the automaker’s affiliates in Oman.

        Ghosn was detained in the Tokyo Detention Center for about four months before being released on bail. He must follow strict rules, however, that limit his access to not only the Internet but also to his wife and other family members. His defense team has indicated they expect Ghosn’s first formal court hearing won’t take place until next March.

        In the meantime, the same investigation led by the aforementioned Saikawa also discovered he had been overpaid during that time as well. Saikawa received about $440,000 in overpayments during that time.

        (Ghosn’s Silicon Valley Investments Raise New Corruption Concerns)

        Saikawa said he will repay the overage and plans to retire in the near future.

        How to Care for Your Car

        Cheap Car Warranty

        Editor's Choice

        Best Extended Car Warranty

        Editor's Choice
        Recently Published

        Porsche Cars North America Gets a New CEO

        Today
        Unifor auto talks team 2023

        Canadian Union Approves New Contract with Ford

        Today

        The Rearview Mirror: Birth of a Legendary Design

        Sept. 23, 2023

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2023
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: