Ex-Tesla director who pleaded guilty to insider trading will be released on the condition of 'good behavior'
The former director of Tesla's Australian operations, Kurt Schlosser, was sentenced to two and half years in prison on Friday, Australia's corporate watchdog said in aThe ex-Tesla executive had pleaded guilty to two insider trading offences in November in Sydney District Court, but the Australian Securities & Investments Commission said Schlosser would be released from prison immediately on the condition that he be on"good behavior" for the duration of the sentence.
While he was an executive at Tesla Australia, Schlosser learned that Tesla planned to enter into an agreement with Piedmont Lithium and bought up 86,478 shares of Piedmont Lithium in two transactions, ASIC said. He later sold the shares after Tesla announced the deal and earned about $28,883 off the stocks, the watchdog said. The executive also advised a friend to buy shares of the mining company ahead of the announcement, according to the press release.
"Insider trading undermines investor confidence and gives individuals an unfair advantage," ASIC Deputy Chair Sarah Court said in the press release."This criminal outcome demonstrates the serious consequences for trading when in possession of inside information."a five-year agreement with Piedmont Lithium in 2020 on the heels of the electric-car maker's"Battery Day.
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