Firm Tasked With Disbursing $40 Million From Musk’s SEC Settlement Hasn’t Filed Required Statements, Judge Says
As a part of Elon Musk’s settlement with the SEC over his questionable Tweets – namely, one enormously questionable one wherein he faked an $80 billion buyout for his company – a $40 million fund had been set up from fines that Musk had to fork over.
The fund was set up to be disbursed to those harmed by Musk’s statements, but U.S. District Judge Alison Nathan – who recently has had her hands full with the Ghislaine Maxwell trial – issued an order this week noting that the firm set up to manage the funds wasn’t holding up its end of the bargain.
On Tuesday of this week, Nathan noted that a firm appointed in May to manage the distributions hadn’t “filed required accounting statements”, according to Bloomberg. Nathan ordered that Rust Consulting submit a status report to the court by January 7.
The settlement between Musk and the SEC was reached back in September of 2018. Musk’s settlement didn’t include an admission of wrongdoing, but did result in the SEC setting up a Fair Fund to repay investors.
Wed, 12/22/2021 – 18:40