EV Company Ideanomics Settles With SEC Over Alleged Fraud (1)

The Securities and Exchange Commission on Friday announced that it settled charges against Ideanomics, Inc. for $1.4 million over an alleged scheme to mislead the public over its financial performance.

The SEC said in its order that the global electric vehicle company in mid-November 2017 reported revenue guidance of $300 million, “despite numerous known issues indicating that the company would miss this guidance by a wide margin.” The company later reported only $144 million in 2017 revenues, the SEC said.

The SEC also charged three executives including the company’s current CEO, Alfred Poor. The company and the executives did not ...