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A former SEC chairman outlined the worst case scenario for Elon Musk now that the SEC has sued him (TSLA) – Lifestyle – Pulselive.co.ke

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  • The former SEC chairman Harvey Pitt told Business Insider in August that Tesla CEO Elon Musk could be banned from serving as an officer or director of a public company after reports that the agency was investigating his comments about taking Tesla private.
  • But the SEC’s lawsuit is not the only potential threat to Musk.
  • Bloomberg reported earlier this month that the Department of Justice has opened an inquiry into Tesla, which could ultimately result in a prison sentence for Musk.
  • For Musk to serve jail time, it would have to be proven that he committed a crime beyond a reasonable doubt, Pitt said.

The former SEC chairman Harvey Pitt told Business Insider in August that Tesla CEO Elon Musk could be banned from serving as an officer or director of a public company after reports that the agency was investigating his comments about taking Tesla private.

The SEC filed a lawsuit against Musk on Thursday, alleging that his comments were “false and misleading.” The agency also said in the lawsuit that it seeks to bar Musk from being an officer or director of a public company.

On August 7, Musk said that he had “funding secured” to convert Tesla into a private company at $420 per share and only needed a shareholder vote to confirm a go-private deal. In its lawsuit, the SEC alleges that Musk had not acquired the necessary funding or even discussed the terms he mentioned with any potential funding sources.

According to Pitt, mentioning the possibility of taking Tesla private on Twitter, while ill-advised, would not trouble regulators. Instead, it was the tweet’s final two words, “funding secured,” that had the potential to create problems.

“‘Funding secured’ is a very strong term, and it has legal consequences,” Pitt said.

But the SEC’s lawsuit is not the only potential threat to Musk. Bloomberg reported earlier this month that the Department of Justice has opened an inquiry into Tesla, an action that could ultimately result in a prison sentence for Musk. For Musk to serve jail time, it would have to be proven that he committed a crime beyond a reasonable doubt, Pitt said.

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Pitt reiterated the risks Musk faces on Thursday in an interview with CNBC‘s Closing Bell.

“He can face a number of penalties … he can have fines imposed against him, he can effectively be barred for a period of time or permanently from serving as a principal officer or a director of a public company,” he said.

Read more about the SEC’s lawsuit against Elon Musk:

Have a Tesla news tip? Contact this reporter at [email protected].



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PwC lauds ease of Customs tax

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PwC has commended the Kenya Revenue Authority (KRA) for lifting restrictions on warehousing of goods in Customs bonded warehouses, noting that the action will enhance the competitiveness of Kenya as a global and regional logistics hub.
PWC said the policy will also boost to businesses that utilise Customs bonded warehouses to store goods, defer payment of duties and are involved in regional trade. It however called for consistency in tax law.
“We expect that with Customs having lifted restrictions on warehousing of goods will help contribute to the State’s agenda of reviving the economy in light of the ravages of Covid-19, improve cash flow and stock management for businesses,” said Indirect Taxes Associate Director at PwC Kenya Maurice Mwaniki.
“We expect this will once again enhance the competitiveness of Kenya as a global and regional logistics hub and assist attract inward investment into Kenya.”

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Kapsabet Boys are kings in Rift Valley in 2020 KCSE exam

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Kapsabet Boys had two candidates ranked among the top 15 students nationally in the 2020 KCSE exam. 

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Heavy rainfall could increase warns weatherman – KBC

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Over the weekend different areas across the country experienced heavy rainfall leading to flooding. In areas such as Ilchamus and Loboi (Baringo South) communities lost their cattle while in other locations (Nyando Sub County and Homabay)-homes were flooded.

The Kenya Meteorological Department has warned that the heavy rainfall being experienced in the country could increase in intensity to over 30-milimeters in 24 hours.

KBC Radio_KICD Timetable

In a statement, the Deputy Director of Meteorological Services Dr. David Gikungu said that the most affected areas are highlands west of the Rift Valley, the Lake Victoria basin, Highlands East of the Rift Valley including Nairobi county, the North Western region of Turkana County as well as the South Eastern Lowlands including Kajiado county.

Dr. Gikungu urged the public to be cautious as the high water levels in the rivers could result in flooding.

He warned that soils socked with water in hilly areas could trigger mudslides and urged the public to be cautious.

Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153

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Heavy Rainfall Advisory: Residents in all the mentioned areas are advised to be on the lookout for any eventuality.

This as Kilifi County Government Disaster Management Unit in conjunction with Kenya Red Cross Society has urged area residents living in low lying areas along River Sabaki to be alert over the possibility of flash floods.

The County Director of Meteorology, Ramadhan Munga said heavy rainfall had been forecast in the River Sabaki catchment areas hence floods may occur in the low lying areas that may not be receiving rainfall.

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