A former Tesla executive in Australia has plead guilty to two counts of insider trading after making nearly $30,000 buying and selling shares in an Australian mining company.
In September 2020 Kurt Schlosser was the country director of Tesla Australia, just as a deal between the automaker and Piedmont Lithium was set to be announced. His position within the company allowed him to be informed of the deal ahead of the official announcement.
Using the information Schlosser purchased more than 86,000 shares in Piedmont Lithium on September 16 at around $0.12 per share.
The five-year lithium supply deal was officially announced on September 28, sending shares in the mining company soaring to a high of $0.605.
According to the Australian Securities and Investments Commission (ASIC), Schlosser made $28,883.53 by selling the shares after the deal was made public.
Schlosser also plead guilty to a second count of insider trading for informing a friend of the deal before it was public.
Schlosser will be sentenced on December 16 in Sydney District Court, and according to Financial Review each count could carry a maximum penalty of 15 years in jail.
