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00:02The SEC defended its $1.5 million settlement with Elon Musk over his late disclosure of Twitter share purchases,
00:09telling a Washington, D.C. federal court the agreement was not the result of improper collusion, according to Reuters.
00:16The agency said the deal arose from negotiations and reflected compromises from both sides.
00:22U.S. District Judge Sparkle Sukhnenen raised concerns at a May 13th hearing,
00:27questioning why the SEC find a trust in Musk's name rather than Musk directly.
00:32She also questioned why the penalty amounted to just 1% of his alleged $150 million in ill-gotten gains.
00:41The SEC maintained that the $1.5 million penalty was the largest of its type.
00:47The settlement also allows Musk to publicly deny the agency's accusations under a recent SEC policy change.
00:54For all things money, visit Benzinga.com.
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