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HOUSTON WE HAVE A PROBLEM: SPACEX FOUNDER...HISTORY OF INVESTMENT & SECURITIES FRAUD... Elon Musk...



HOUSTON WE HAVE A PROBLEM: 
SPACEX FOUNDER...HISTORY OF INVESTMENT & 
SECURITIES FRAUD... Elon Musk... 
The triple citizen (United States, Canada & South Africa) walks with the dual citizen...both have committed fraud; however, Elon Musk was indicted on fraud and both have birthed the age of economic espionage. Elon Musk defrauded investors and misappropriated funds and agreed to pay a $40 million  settlement per his agreement with the Securities Exchange Commission (SEC). 
He holds citizenship in three counties, so it kind of hard to decide who he holds allegiance to.

QUICK FACTS: “Investment & Securities Fraud Offenses.” 
Offender and Offense Characteristics 
• 92.0% of securities and investment fraud offenders were men.
• 81.5% were White, 7.1% were Black, 6.6% were Hispanic, and 4.7% were Other races. 
• Their average age was 53 years. • 94.8% were United States citizens. • 82.2% had little or no prior criminal history (Criminal History Category I); or nothing reported.

• The median loss for these offenses was $2,580,271.4  17.3% involved loss amounts of $550,000 or less;  20.4% involved loss amounts greater than $9,500,000.
WHY DON’T THE REAL CROOKS GO TO JAIL?
 • Sentences were increased for:  the number of victims or the extent of harm to victims (66.7%);  using sophisticated means to execute or conceal the offense (37.6%)5 ;  violation of a securities or commodities law by an officer or director of a publicly traded company, broker, dealer, or investment adviser (22.5%);  leadership or supervisory role in the offense (18.8%);  abusing a public position of trust or using a special skill (22.5%);  obstructing or impeding the administration of justice (10.8%).
 • Sentences were decreased for:  minor or minimal participation in the offense (7.0%).
OH NEW YORK...THESE CROOKS ARE TOO CLOSE TO FED BANK!
 • The top five districts for securities and investment fraud offenders were:  Southern District of New York (19);  Central District of California (17);  Eastern District of New York (17);  Southern District of Florida (16);  Northern District of Illinois (13). Punishment.
WHERE IS JUSTICE?
 • The average sentence for securities and investment fraud offenders was 54 months. • 91.5% were sentenced to prison. • Less than 1% were convicted of an offense carrying a mandatory minimum penalty.

SECURITIES FRAUD CHARGES AGAINST ELON MUSK (TESLA & SPACEX)
  • Musk and Tesla have agreed to settle the charges against them without admitting or denying the SEC’s allegations.  Among other relief, the settlements require that:Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman.  Musk will be ineligible to be re-elected Chairman for three years; Tesla will appoint a total of two new independent directors to its board; Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications; Musk and Tesla will each pay a separate $20 million penalty.  The $40 million in penalties will be distributed to harmed investors under a court-approved process.


  • SpaceX
In 2001, Musk conceived Mars Oasis, a project to land a miniature experimental greenhouse on Mars, containing food crops growing on Martian regolith, in an attempt to reawaken public interest in space exploration.

In October 2001, Musk traveled to Moscow with Jim Cantrell (an aerospace supplies fixer), and Adeo Ressi (his best friend from college), to buy refurbished Dnepr Intercontinental ballistic missiles (ICBMs) that could send the envisioned payloads into space. The group met with companies such as NPO Lavochkin and Kosmotras; however, according to Cantrell, Musk was seen as a novice and was consequently spat on by one of the Russian chief designers. The group returned to the United States empty-handed. 
  • In February 2002, the group returned to Russia to look for three ICBMs, bringing along Mike Griffin. Griffin had worked for the CIA's venture capital arm, In-Q-Tel, as well as NASA's Jet Propulsion Laboratory, and was just leaving Orbital Sciences, a maker of satellites and spacecraft. The group had another meeting with Kosmotras and were offered one rocket for US$8 million. Musk considered the price too high, and stormed out of the meeting. On the flight back from Moscow, Musk realized that he could start a company that could build the affordable rockets he needed.According to early Tesla and SpaceX investor Steve Jurvetson,Musk calculated that the raw materials for building a rocket were only 3 percent of the sales price of a rocket at the time. It was concluded that, in theory, by applying vertical integration and the modular approach employed in software engineering, SpaceX could cut launch price by a factor of ten and still enjoy a 70-percent gross margin. Ultimately, Musk ended up founding SpaceX with the long-term goal of creating a true spacefaring civilization.

Websites & Works Cited
Commission, U.S. Sentencing. Quick Facts on Securities and Investment Fraud Offenses, webcache.googleusercontent.com/search?q=cache:DgCqxF0pSlMJ:www.ussc.gov/sites/default/files/pdf/research-and-publications/quick-facts/Securities_Fraud_FY15.pdf+&cd=4&hl=en&ct=clnk&gl=us.
Deconstructed. “Deconstructed Podcast: Is Elon Musk a Fraud?” The Intercept, 14 May 2020, theintercept.com/2020/05/14/is-elon-musk-a-fraud/.
Foust, Jeff, and Jeff Foust. “SpaceX Wins NASA Contract to Launch Earth Science Mission.” SpaceNews.com, 5 Feb. 2020, spacenews.com/spacex-wins-nasa-contract-to-launch-earth-science-mission/.
Matousek, Mark. “Elon Musk and the SEC Are in a Fierce Battle over One of Musk's Tweets - Here's What You Need to Know about Their Dispute.” Business Insider, Business Insider, 3 Apr. 2019, www.businessinsider.com/elon-musk-and-sec-battle-timeline-2019-3.
“Press Release.” SEC Emblem, 29 Sept. 2018, www.sec.gov/news/press-release/2018-226.
RobertoFerris. “Tesla's Elon Musk Could Be Suspended as CEO in Latest SEC Scuffle, Securities Lawyers Say.” CNBC, CNBC, 7 Mar. 2019, www.cnbc.com/2019/03/07/teslas-elon-musk-could-be-suspended-as-ceo-in-latest-sec-scuffle.html.
“Securities and Investment Fraud.” United States Sentencing Commission, 10 Dec. 2019, www.ussc.gov/research/quick-facts/securities-and-investment-fraud.

“SpaceX: 10 Facts to Know.” Time, Time, time.com/space-x-ten-things-to-know/.

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