Former Nissan Chairman Carlos Ghosn has been charged with financial misconduct, with Japanese prosecutors accusing him of under-reporting his pay by as much as $44 million over five years. Nissan and another company executive, Greg Kelly, have also been charged. Ghosn was ousted as the automaker’s chairman and Kelly lost his representative director role following their arrests in November—they both remain on Nissan’s board pending a shareholders’ meeting. If Ghosn is convicted, the charges could mean up to 10 years in prison and a fine of as much as $89,000. “Nissan takes this situation extremely seriously,” the company said in a statement. “Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret.” Kelly, 62, is suspected of having collaborated with Ghosn—he said he is innocent of the charges. Ghosn has not yet commented but previously denied the accusations.