Elon Musk’s claims of ‘broken promises’ denied by the SEC

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The SEC responded to Musk's claims that the agency has subjected him and his company to unwarranted investigations. In a letter to Judge Alison Nathan, the SEC denied Musk's allegations that it was ignoring its commitment to distribute $40 million in fine money to shareholders.

It has taken time to develop the plan of allocation, according to the SEC official.

Alex Spiro submitted a letter to the court on Musk's behalf. The SEC charged Musk with securities fraud after he said on his verified verified account that he had secured funding to take the company private. The SEC fined Musk and his company $20 million for making false statements. Musk was ordered to step down as chairman of the company for three years and the company was asked to keep Musk's statements to himself on social media.

The SEC accused Musk of being in violation of the settlement after he said the company would produce 500,000 cars in 2019. The SEC asked a federal judge to hold Musk in contempt, a move Musk claimed was an unconstitutional power grab.

The SEC subpoenaed Musk's company last November. In his letter to the court, Musk accused the SEC of wasting time subpoenaing the company instead of giving the money to shareholders. The SEC said that the subpoena is unrelated to the current litigation, and that if Musk has legitimate objections with the SEC's processes, they should use the proper legal avenues to challenge it.