SEC v. Ener1, Inc. (2016)
Settled
Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In April 2016 the SEC settled accounting fraud charges against battery maker Ener1 and three executives, over overstated earnings and assets for 2010 and early 2011. The order imposes penalties of $100,000, $50,000 and $30,000 on the three executives; the company itself is ordered to cease and desist. No insider trading is alleged.
The record
| Agency | SEC |
|---|---|
| Release number | 3-17213 |
| Date filed | 2016-04-19 |
| Date resolved | 2016-04-19 |
| Status | settled |
| Asset class | bonds, equities |
| Venue | Nasdaq |
| Criminal parallel | No |
| Defendants | Ener1, Inc. ; Charles L. Gassenheimer ; Jeffrey A. Seidel ; Robert R. Kamischke |
| Cited as charged or alleged | Exchange Act s.13(a) ; Securities Act s.17(a) |
| Techniques |
What was ordered
- Civil penalty
- $180k
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- $180k
- Alleged gain
- —
What is alleged to have happened
The Securities and Exchange Commission issued the order on April 19, 2016.
The order finds Ener1 overstated results by not impairing its investment in an unconsolidated related party, by improperly recognising revenue on battery sales to that entity and by not assessing the collectability of receivables from it.
The penalties are $100,000 for Charles Gassenheimer, $50,000 for Jeffrey Seidel and $30,000 for Robert Kamischke, totalling $180,000. The $100,000 earlier shown was Gassenheimer's alone. The insider-trading tag came from a reference to the company's insider trading policy and has been removed.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.
Timeline
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.