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​Boeing and Former CEO to Pay $200 Million and $1 Million to Settle SEC Charges

Published 09/22/2022, 05:14 PM
Updated 09/22/2022, 05:16 PM
© Reuters. ​Boeing and Former CEO to Pay $200 Million and $1 Million to Settle SEC Charges

By Davit Kirakosyan

Today, The Securities and Exchange Commission charged The Boeing Company (NYSE:BA) and its former CEO, Dennis A. Muilenburg, with making materially misleading public statements following crashes of Boeing airplanes in 2018 and 2019.

According to the SEC’s orders, after the first crash, Boeing and Muilenburg knew that the Maneuvering Characteristics Augmentation System (MCAS) posed an ongoing airplane safety issue, but nevertheless assured the public that the 737 MAX airplane was safe. Following the second crash, the company and Muilenburg misled investors by providing assurances that there were no slips or gaps in the certification process with respect to MCAS, despite knowing about serious safety concerns.

The company and Muilenburg consented to cease-and-desist SEC orders that include penalties of $200 million and $1 million, respectively.

Latest comments

Whos get the 200 million? Do the families that where devastated and lost their loved ones get snything?
I hope so. but I doubt it. government will keep most of it
Muilenburg should have to pay back all his bonuses so the money can be returned to the stockholders as a loss in profits.
So, the shareholders lost money because of the crashes and now they lose more money paying ransom to the government. What a joke! Return the money to shareholders if you really mean it.
These fines are a fraction of the profit. Good deal for Boeing and Muilenburg.
Muilenberg took 200mil bonus before he left so that 1 mil fine is a joke.
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