Litigation Release No. 24844 / June 29, 2020
Securities and Exchange Commission v. Daniel C. Ustian, No. 1:16-cv-03885 (N.D. Ill. filed Mar. 31, 2016)
The Securities and Exchange Commission today announced that a court has barred the former CEO of Illinois-based Navistar International Corporation, Daniel C. Ustian, from serving as an officer or director of publicly-traded companies. The SEC charged Ustian, of Naperville, Illinois, and Navistar in 2016 with misleading investors about Navistar’s development of an advanced technology truck engine that could satisfy U.S. pollution standards. Navistar agreed to settle the SEC’s charges in 2016, and the SEC commenced federal court litigation against Ustian.
In February 2020, without admitting or denying the SEC’s allegations, Ustian consented to a judgment that imposed injunctions against him and ordered him to pay a penalty of $250,000 and disgorgement of $250,000. The judgment also provided that the court would later determine, upon motion by the SEC, whether to bar Ustian from serving as an officer or director of publicly-traded companies. The SEC filed a motion in March 2020 to impose the officer-and-director bar against Ustian, and Ustian subsequently agreed to the bar. The court’s entry of the order barring Ustian from serving as an officer or director of publicly-traded companies ends the SEC’s litigation in its entirety.
The SEC’s case was handled by Eric Phillips, Jonathan Polish, Timothy Stockwell, and Anne Graber Blazek, with assistance from Kristine Rodriguez, of the Chicago Regional Office.