The SEC said it would vigorously contest the lawsuit.

Last week the SEC said this was never the case.

The SEC says the scam went back to the 1990s and brought in at least $50 million.

At particular issue was a $14 million loan that the SEC said was made on preferential terms.

The SEC said he used $9.5 million in corporate funds for personal gain and his "lavish lifestyle".

The SEC also said it was considering removing an exemption from the rule for options market makers.

Shortly after the subpoenas were disclosed, the SEC reversed course and said it would not enforce them.

The SEC says it was closer to about 18%.

SEC had said that all components including the brakes were working properly.

The SEC said the company earned more than $4 million from the sale of vehicles and spare parts.