Former director of Tesla Australia sentenced for insider trading

A former director of Tesla’s Australian unit has been sentenced to two and a half years in prison for insider trading but will be released immediately if he maintains “good behaviour”, according to Australia’s corporate watchdog, ASIC. This sentence comes after the former director pleaded guilty to two insider trading charges in relation to a supply deal that Tesla signed with Piedmont Lithium Inc in 2020. Kurt Schlosser bought 86,478 shares in Piedmont in two transactions after being informed of details of the five-year spodumene concentrate supply agreement, and sold these shares for a realised profit of $28,883.53 after the agreement became public. The regulator also stated that Schlosser communicated the same information to a friend, making it likely that the friend would acquire Piedmont shares, thereby committing insider trading. Schlosser had already pleaded guilty in November last year, according to ASIC. Neither Tesla nor Piedmont offered any comments on the sentencing.

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