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Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

The 2017 Mitsubishi Outlander Sport Limited Edition debuts in Chicago

The Mitsubishi Outlander Sport has been on sale with only a mild refresh since 2010. For 2017, Mitsubishi is injecting some much needed life into the crossover. A Limited Edition trim, or simply LE, will be fully revealed this week at the 2017 Chicago Auto Show. Like most of the automaker's products, the Outlander Sport LE packs lots of features into a compact and relatively affordable package. The LE trim sits directly above the base Outlander Sport ES and will set you back $21,995, though it's unclear if that includes destination. An alloy fuel door, black painted door mirrors and 18-inch alloy wheels, fog lamps, HID headlamps, a rearview camera and a Limited Edition badge are all included. The trim is available in any exterior color, but the interior of the Outlander Sport LE gets a special treatment. Red stitching on the steering wheel, shift knob, and brake lever compliment heated seats, aluminum pedals, and an infotainment system packed with Apple CarPlay and Android Auto. The Mitsubishi Outlander Sport may be getting up there in age, but it does pack a lot of features, decent packaging, and an excellent warranty into a reasonably affordable package. No word on how limited this Limited Edition may actually be. Related Video: Featured Gallery 2017 Mitsubishi Outlander Sport Limited Edition Image Credit: Mitsubishi Chicago Auto Show Mitsubishi Technology Infotainment Smartphone Crossover

Feds arrest two men accused of smuggling Carlos Ghosn out of Japan in a box

Authorities say this Dec. 30, 2019, image from security camera video shows Michael Taylor, center, and George-Antoine Zayek at passport control at Istanbul Airport in Turkey. Taylor, a former Green Beret and his son, Peter Taylor, 27, were arrested Wednesday in Massachusetts on charges they smuggled Nissan Motor Co. Chairman Carlos Ghosn out of Japan in a box in December 2019, while he awaited trial there on financial misconduct charges. / Getty Images   WASHINGTON — A former Green Beret and his son were arrested Wednesday in Massachusetts on charges they smuggled Nissan Motor Co. Chairman Carlos Ghosn out of Japan in a box while he awaited trial there on financial misconduct charges. Michael Taylor, a 59-year-old former Green Beret and private security specialist, and Peter Taylor, 27, are wanted by Japan on charges they helped Ghosn escape the country in December after he was released on bail. The men were arrested by the U.S. Marshals Service in Harvard and were expected to appear before a judge via videoconference later Wednesday. The tale of the daring escape began on Dec. 28, 2019, when Peter Taylor arrived in Japan and met with Ghosn at the Grand Hyatt Tokyo for about an hour, authorities said. Just before 10 a.m. the next day, Michael Taylor flew into Osaka, Japan, on a chartered Bombardier Global Express jet from Dubai with another man, George-Antoine Zayek, carrying two large black boxes with them. The elder Taylor was experienced with sticky situations. Over the years, he has been hired by parents to rescue abducted children, gone undercover for the FBI in a sting on a Massachusetts drug gang and worked as a contractor for the U.S. military in Iraq and Afghanistan. The last assignment had landed him in a Utah jail for 14 months, caught in a federal contract fraud case that upended TaylorÂ’s family and finances before he agreed to plead guilty to two charges. It's not clear yet how Ghosn hooked up with Taylor. At their arrival, Taylor and Zayek, his Lebanese-born colleague, told airport employees they were musicians carrying audio equipment. Meanwhile, Ghosn, who was out of custody on a hefty bail, headed to the Grand Hyatt in Tokyo and met up with Peter Taylor in his hotel room, authorities said. The elder Taylor and Zayek joined after a brief stop to rent a separate room near the airport. And soon after their arrival, the group left the Grand Hyatt and split up.