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The sentence follows the former director’s guilty pleas to two insider trading offences tied to a supply deal the electric-car maker signed with Piedmont Lithium Inc in 2020, according to the Australian Securities and Investments Commission (ASIC).
ASIC said Kurt Schlosser purchased 86,478 shares in U.S.-based Piedmont in two transactions after being informed of details of a five-year spodumene concentrate supply agreement.
Schlosser sold the shares for a realised profit of $28,883.53 after the agreement became public, according to the watchdog.
The regulator added that Schlosser communicated information to a friend “in circumstances where it was likely” that the person would acquire Piedmont shares.
Last November, Schlosser pled guilty at a court in Sydney.
“We do not comment on the legal proceedings of individuals or other companies,” Piedmont said, while Tesla did not immediately respond to a Reuters’ request for comment.
