Elon Musk could be removed as CEO, face jail time

Tesla CEO Elon Musk faces a range of penalties from the civil charges the SEC revealed Thursday, according to a chair of the Securities and Exchange Commission.

“He can face a number of penalties … he can have fines imposed against him, he can effectively be barred for a period of time or permanently from serving as a principal officer or a director of a public company,” Former Chairman Harvey Pitt told CNBC’s “Closing Bell” on Thursday. “That last element would of course strike a very severe blow to Tesla.

A criminal probe reportedly opened by the Justice Department earlier this month could lead to even more serious consequences for the outspoken founder.

“It shouldn’t be forgotten that there’s a criminal investigation proceeding. If, in fact, criminal charges are brought and they are brought against Mr. Musk, he could face jail time as well as additional fines,” Pitt added.

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