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Carlos Ghosn, Nissan's former chief, settles charges he hid $140 million in pay. (Credit: CBS News)
Carlos Ghosn, Nissan's former chief, settles charges he hid $140 million in pay. (Credit: CBS News)

Carlos Ghosn, Nissan’s former chief, settles charges he hid $140 million in pay

Nissan Motor Co. and its former chairman and CEO Carlos Ghosn settled with U.S. regulators Monday on charges alleging he fraudulently concealed more than $140 million in executive compensation and retirement benefits.

The Securities and Exchange Commission announced the settlement Monday with the Japanese automaker and Ghosn. Nissan has agreed to pay $15 million and Ghosn agreed to pay $1 million to settle the regulator’s civil fraud charges of hiding from investors more than $90 million in additional compensation and $50 million in additional retirement benefits for Ghosn.

The 65-year-old also agreed to be barred for 10 years from serving as an officer or director of a public company.

Both Ghosn and Nissan Motor Co. settled the charges without admitting or denying the SEC’s allegations, but agreed to refrain from future anti-fraud violations of the securities laws.

Federal regulators said the Nissan board in 2004 put Ghosn in charge of executive compensation, including his own, which helped lead to the alleged pay scheme.

Ghosn is awaiting trial in Japan on financial misconduct allegations.

Author: CBS News
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