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KillingMyCareer @MelaynaLokosky
, 14 tweets, 7 min read Read on Twitter
USA v Salil Parulekar
Tesla employee who resides in Norther CA was charged by DOJ on
9 counts of wire fraud
1 count Aggravated Identity Theft
He was arrested without bail.
Indictment found via @PlainSite
$TSLA $TSLAQ #Tesla
Per @PlainSite the Tesla employee indictment of 10 counts is only 10 pages long. That's unusual for an indictment with that number of charges. Charges 1-9 are the same, wire fraud, but still odd.
These are felony charges. $TSLA $TSLAQ #Tesla
Bail for financial crimes can be any amount, usually ranging from $50,000 up to $5 million (in rare circumstances more). Bail is not set at time of arrest as the felon must appear in court before a judge (in federal cuffs-feet & arms shackled).
$TSLA $TSLAQ #Tesla
In most circumstances federal defendants are aware they were a target of a investigation & often told an arrest is eminent. Most defendants' attorneys will try & negotiate their client surrendering. $JNJ #Acclarent case FBI declined surrender & arrested in homes
$TSLA $TSLAQ
What's missing from a federal indictment is as important as what's in a federal indictment. DOJ refers to two employees of Hota, a company that contracted with Tesla, by initials only. This could possibly be to protect the identities of sealed whistleblowers.
$TSLA $TSLAQ
DOJ may also redact the names of cooperating witnesses. In this Telsa case, the employee did not have authority to issue POs (purchase orders) as confirmed by his manager (initials used in indictment).
$TSLA $TSLAQ
The grand jury, it appears was convened after December 2017. Grand Juries do not meet day after day but rather usually once a month for a week to few days. The GJ decides if there's enough evidence to indict. 98% they vote to indict.
$TSLA $TLSAQ #Tesla
The fraud started on February 1, 2017 where the Tesla employee proceeded to embezzle for a total of nine times.
$TSLA $TSLAQ
Tesla employee proceeded to commit wire fraud via embezzlement from February 2017-May 2017. It does appear that one of Tesla's vendors found the problem and not Tesla itself. Which, if true, should be alarming to the board and to investors.
$TSLA $TSLAQ #Tesla
If convicted the Tesla employee will have to pay back what was stolen money and anything purchased through ill-gotten gains. 95% of indictment cases end in conviction.
There's a lot about this indictment that is missing and it's usually done by design by DOJ.
$TSLA $TSLAQ
1. For DOJ / FBI to get involved someone had to come forward to report the fraud
2. Was it Tesla? Not likely they'd willingly open their books to DOJ given Musk's pathological lack of respect for government agencies
3. #RedFlag for shareholders if $TLSA didn't report.
$TSLAQ
4. The indictment, due to the lack of size and speed of convening a grand jury, looks like it was carved out of larger DOJ criminal investigation
5. Witness name protection is a sign that this case could be linked to a larger, still under-seal, whistleblower case
$TSLA $TSLAQ
6. I haven't seen Tesla or Elon Musk, the prolific tweeter, comment on the indictment and arrest of their former employee for embezzling.
I'd expect the CEO of a publicly traded company to publicly state they're fully cooperating with the feds.
$TSLA $TSLAQ
7. It's odd for a company not to respond when one of their employees was indicted on embezzlement charges. There was at least one request for comment that wasn't met.
$TSLA $TSLAQ #Tesla #ElonMusk
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