Ideanomics, execs to pay $5M over allegedly misleading auditor
By 
Adrianne Appel2024-08-12T20:19:00
Electric vehicle company Ideanomics, two former execs, and its current chief executive agreed to pay about $5 million and hire an independent compliance professional to settle allegations made by the Securities and Exchange Commission (SEC) that the company misled the public about its performance.
Ideanomics will pay $1.4 million and hire an independent compliance consultant to review, assess, and make recommendations about the company’s internal controls, the SEC announced in a press release Friday.
Former CEO Zheng Wu will pay more than $3.3 million in disgorgement and prejudgment interest and a $200,000 fine. He also agreed to a 10-year officer and director bar. Former CFO Federico Tovar and current CEO Alfred Poor each agreed to pay a $75,000 fine. Tovar was also suspended from practicing as an accountant and appearing before the SEC for at least two years.
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