2020-06-29 sec-litreleases litigation_release 65 KB 1,688 chars

SEC v. Daniel C. Ustian, No. LR-24844, Northern District of Illinois (June 29, 2020) — Press Release

raw: Daniel C. Ustian

Daniel C. Ustian, No. 1:16-cv-03885 (June 29, 2020)

Caption
Doe v. Colvin
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summary

Daniel C. Ustian, former CEO of Navistar International Corporation, was barred from serving in senior positions in public companies after misleading investors about a truck engine's development and agreeing to pay $500,000 in penalties and disgorgement.

paragraph

Daniel C. Ustian, former CEO of Navistar International Corporation, was charged by the SEC in 2016 with misleading investors about the development of a truck engine that met U.S. pollution standards. Ustian consented to a judgment in February 2020, paying $250,000 in penalties and $250,000 in disgorgement. The court also imposed an officer-and-director bar, prohibiting Ustian from serving in senior positions at any publicly traded company.

narrative

The Securities and Exchange Commission (SEC) barred former CEO of Navistar International Corporation, Daniel C. Ustian, from serving as an officer or director of publicly-traded companies following a federal court order. Ustian and Navistar were charged in 2016 with misleading investors about the development of a truck engine that met U.S. pollution standards. In February 2020, Ustian consented to a judgment that included a $250,000 penalty and $250,000 in disgorgement. The judgment also provided for the court to later determine whether to bar Ustian from serving in senior positions. The SEC filed a motion in March 2020 to impose the officer-and-director bar, and Ustian subsequently agreed to the bar. The court's entry of the order in June 2020 ended the SEC's litigation in its entirety. The SEC's case was handled by Eric Phillips, Jonathan Polish, Timothy Stockwell, and Anne Graber Blazek, with assistance from Kristine Rodriguez, of the Chicago Regional Office.

Enriched metadata

Scheme
corporate-fraud (95%)
Court
Northern District of Illinois
Case No.
1:16-cv-03885
Outcome
settled
Disgorgement
$250,000
Civil penalty
$250,000
Entity
Daniel C. Ustian
Classified corporate-fraud(confidence 95%). EDGAR detection: forms 10-K/10-Q/8-K· recall 56% / precision 8%. detection rule →
Parties
DoeColvin
Keywords
ustiandaniel ustianustian servingserving officerofficer directordirector publicly-tradedpublicly-traded companiesdanielnavistarservingcompaniessecnavistar internationalinternational corporationsecurities exchange

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 2
  • $250K $250,000 $100K–$1M
  • $250K $250,000 $100K–$1M
Entities 6
  • person Daniel C. Ustian
  • company former ceo of navistar international corporation
  • person misleading investors
  • company Navistar International Corporation
  • company of navistar international corporation
  • agency Securities and Exchange Commission
Triples 29
  • court barred Daniel C. Ustian
  • Daniel C. Ustian is Former CEO of Navistar International Corporation
  • Securities and Exchange Commission announced court barred Daniel C. Ustian
  • SEC charged Ustian and Navistar
  • Ustian and Navistar charged with misleading investors
  • Daniel C. Ustian is barred from serving as officer or director
  • Securities and Exchange Commission is plaintiff in case against Daniel C. Ustian
  • Daniel C. Ustian was barred from serving as an officer or director of publicly-traded companies
  • Daniel C. Ustian was charged with misleading investors about Navistar's de
  • Securities and Exchange Commission announced that a court has barred Daniel C. Ustian
  • Navistar International Corporation was charged with misleading investors about Navistar's de
  • Daniel C. Ustian was CEO of Navistar International Corporation
  • Daniel C. Ustian was barred from serving as an officer or director of publicly-traded companies
  • SEC charged Daniel C. Ustian and Navistar International Corporation with misleading investors about Navistar's de
  • court barred Daniel C. Ustian
  • Daniel C. Ustian is Former CEO of Navistar International Corporation
  • Securities and Exchange Commission announced court barred Daniel C. Ustian
  • SEC charged Ustian and Navistar
  • Ustian is of Naperville, Illinois
  • Navistar International Corporation is Illinois-based
  • Securities and Exchange Commission filed v. Daniel C. Ustian
  • Ustian charged with misleading investors
  • Daniel C. Ustian barred from serving as an officer or director of publicly-traded companies
  • Daniel C. Ustian charged with misleading investors about Navistar's dealings
  • Securities and Exchange Commission announced that a court has barred Daniel C. Ustian
  • Daniel C. Ustian served as CEO of Navistar International Corporation
  • Securities and Exchange Commission charged Daniel C. Ustian and Navistar in 2016
  • Daniel C. Ustian filed No. 1:16-cv-03885 (N.D. Ill.)
  • Securities and Exchange Commission filed Litigation Release No. 24844
PDF (from attached: pdf)
ORDER RE SEC’S MOTION FOR OFFICER-DIRECTOR BAR AGAINST · Source
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Extracted body text (1,688c) 
Former CEO of Navistar International Corporation Barred from Serving in Senior Positions in Public Companies Litigation Release No. 24844 / June 29, 2020 Securities and Exchange Commission v. Daniel C. Ustian, No. 1:16-cv-03885 (N.D. Ill. filed Mar. 31, 2016) The Securities and Exchange Commission today announced that a court has barred the former CEO of Illinois-based Navistar International Corporation, Daniel C. Ustian, from serving as an officer or director of publicly-traded companies. The SEC charged Ustian, of Naperville, Illinois, and Navistar in 2016 with misleading investors about Navistar's development of an advanced technology truck engine that could satisfy U.S. pollution standards. Navistar agreed to settle the SEC's charges in 2016, and the SEC commenced federal court litigation against Ustian. In February 2020, without admitting or denying the SEC's allegations, Ustian consented to a judgment that imposed injunctions against him and ordered him to pay a penalty of $250,000 and disgorgement of $250,000. The judgment also provided that the court would later determine, upon motion by the SEC, whether to bar Ustian from serving as an officer or director of publicly-traded companies. The SEC filed a motion in March 2020 to impose the officer-and-director bar against Ustian, and Ustian subsequently agreed to the bar. The court's entry of the order barring Ustian from serving as an officer or director of publicly-traded companies ends the SEC's litigation in its entirety. The SEC's case was handled by Eric Phillips, Jonathan Polish, Timothy Stockwell, and Anne Graber Blazek, with assistance from Kristine Rodriguez, of the Chicago Regional Office. Order
OCR text (1,688c · html-text · 99% conf) 
Former CEO of Navistar International Corporation Barred from Serving in Senior Positions in Public Companies Litigation Release No. 24844 / June 29, 2020 Securities and Exchange Commission v. Daniel C. Ustian, No. 1:16-cv-03885 (N.D. Ill. filed Mar. 31, 2016) The Securities and Exchange Commission today announced that a court has barred the former CEO of Illinois-based Navistar International Corporation, Daniel C. Ustian, from serving as an officer or director of publicly-traded companies. The SEC charged Ustian, of Naperville, Illinois, and Navistar in 2016 with misleading investors about Navistar's development of an advanced technology truck engine that could satisfy U.S. pollution standards. Navistar agreed to settle the SEC's charges in 2016, and the SEC commenced federal court litigation against Ustian. In February 2020, without admitting or denying the SEC's allegations, Ustian consented to a judgment that imposed injunctions against him and ordered him to pay a penalty of $250,000 and disgorgement of $250,000. The judgment also provided that the court would later determine, upon motion by the SEC, whether to bar Ustian from serving as an officer or director of publicly-traded companies. The SEC filed a motion in March 2020 to impose the officer-and-director bar against Ustian, and Ustian subsequently agreed to the bar. The court's entry of the order barring Ustian from serving as an officer or director of publicly-traded companies ends the SEC's litigation in its entirety. The SEC's case was handled by Eric Phillips, Jonathan Polish, Timothy Stockwell, and Anne Graber Blazek, with assistance from Kristine Rodriguez, of the Chicago Regional Office. Order

Related documents (1)