Tesla's former Australian boss gets two years in prison

94
1
Tesla's former Australian boss gets two years in prison

A former director of Tesla Inc's Australian unit was sentenced to two years and six months in prison and will be released immediately on the condition of good behaviour Australia's corporate watchdog said on Tuesday.

According to the Australian Securities and Investments Commission ASIC ASIC, Kurt Schlosser purchased 86,478 shares in U.S.-based Piedmont in two transactions after being informed of a five-year spodumene concentrate supply agreement.

Schlosser sold the shares for a realised profit of $28,883. The watchdog said 53 after the agreement became public.

The regulators said that Schlosser communicated information to a friend in circumstances where it was likely that the person would acquire Piedmont shares.

In November, Schlosser pled guilty at a court in Sydney.

Tesla and Piedmont Lithium didn't respond immediately to Reuters' requests for comment.