Former Tesla Inc (TSLA) Employee Accused of Stealing Millions From the Company

A former employee of Tesla Inc (NASDAQ:TSLA) is facing charges of stealing millions of dollars from the electric vehicle maker.

Fox Business shares the news.

Salil Parulekar, a former Tesla employee, was charged Thursday by a federal grand jury of embezzling about $9.3 million from the electric automaker in 2016-2017.

Parulekar was a manager in Tesla’s Global Supply Management Group through December and allegedly used his role to initiate a scheme wherein he diverted money owed to one Tesla supplier and caused it to be paid to another supplier, whose contract had been terminated, according to the indictment.

Parulekar is facing one count of aggravated identity theft and nine counts of wire fraud.

Tesla Inc shares fell $2.40 (-0.68%) in premarket trading Friday. Year-to-date, TSLA has gained 12.12%, versus a 5.88% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of B (Buy), and is ranked #1 of 25 stocks in the Auto & Vehicle Manufacturers category.