The U.S. Securities and Exchange Commission announced they have reached a $7.5 million settlement with Navistar International Corp. over charges it defrauded investors, deceiving them to believe an engine it was developing would meet government admissions standards. Navistar did not admit or deny wrongdoing. The SEC also tagged retired Navistar CEO Daniel C. Ustian with charges he led a "campaign of deception" from 2011 to 2012. The politically connected Ustian was charged with misleading investors and aiding and abetting violations undertaken by Lisle, Illinois-based Navistar.
SEC says Navistar and its CEO Daniel Ustian knew engine was having regulatory problems, told a different...
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