Backdating Letters: Ghosn and Kelly

backdating letters: The SEC also charged former board member Greg Kelly with aiding in the fraud, according to The Japan Times. The SEC said Ghosn, working with Kelly and other subordinates, devised ways to disguise large amounts of compensation to Ghosn. Ghosn will pay 1 million in fines to settle the matter without admitting wrongdoing, and will be barred from serving as a corporate executive for 10 years, the Securities and Exchange Commission said in a statement Monday. ; Nissan will pay a 15 million fine. These included entering into secret contracts, backdating letters to grant Ghosn interest in Nissan's long-term compensation plan and changing the calculation of Ghosn's pension to allow more than 50 million in additional benefits, the SEC said. Ghosn and Kelly went to great lengths to conceal this information from investors and the market. Investors are entitled to know how, and how much, a company compensates its top executives, said Stephanie Avakian, co-director of the SEC's Division of Enforcement. (news.financializer.com). As reported in the news.