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.

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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

Structured fields for this action, as recorded in our case library.
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. (entity) ; Charles L. Gassenheimer (individual) ; Jeffrey A. Seidel (individual) ; Robert R. Kamischke (individual)
Cited as charged or alleged	Exchange Act s.13(a) ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $180k
Disgorgement: —
Prejudgment interest: —
Total relief: $180k
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

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

2016-04-19 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.