Boeing is paying $ 200 million to settle an investigation into confusing claims after two 737 Max plane crashes.

Federal regulators said on Thursday that Boeing executives deceived shareholders after the 2018 and 2019 disasters that killed 346 people.

“Boeing i [then-CEO Dennis] Muilenburg put profits above people, misleading investors about the safety of the 737 Max, all in order to rebuild the image of Boeing, ”said Gurbir S. Grewal of the Securities and Exchange Commission.

Muilenburg agreed to pay $ 1 million out of his own pocket, according to AN Press release SEC. It was canned in December 2019 during the 737 Max scandal.

The Commission noted that neither Muilenburg nor Boeing had granted or denied any of the findings of the SEC investigation. The aircraft manufacturer did not immediately comment on the settlement.

After the first 737 Max – Lion Air Flight 610 crash, which killed 189 people after take off from Jakarta, Indonesia – Boeing released a press release claiming 737 Max it was “as safe as any plane that has ever flown in the sky.”

Just months later, another 737 Max flight on Ethiopian Airlines crashed shortly after taking off from Addis Ababa, killing 157 people.

In response, the jet model was quickly grounded around the world. The SEC said its investigation revealed that Boeing executives knew about the problems with the 737 Max, in particular its flight control system, but kept them hidden.

“In times of crisis and tragedy, it is especially important that public companies and management provide full, honest and truthful information to the markets,” said SEC chairman Gary Gensler. “Boeing and its former CEO, Dennis Muilenburg, have fallen short of this most basic commitment.”

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