Moller to Settle SEC Charges Over Skycar

A man whose company says it is developing a flying car that can travel above roadways at more than 400 miles an hour agreed to pay $50,000 to settle civil fraud allegations with federal regulators.

The Securities and Exchange Commission accused Paul S. Moller and Davis, Calif.-based Moller International Inc. of lying to the commission about the true scope of the company’s patents for the Skycar and raising about $5.1 million from 500 investors nationwide in a fraudulent, unregistered stock offering.

Craig Christensen, a lawyer representing Moller and the company, confirmed the settlement while saying “there is no admission of wrongdoing of any kind.”