Nissan Motor Co., its ousted chairman Carlos Ghosn and former director and in-house lawyer Greg Kelly have agreed to pay a combined $16.1 million to the U.S. Securities and Exchange Commission to settle fraud allegations.

Ghosn and Kelly allegedly schemed to hide more than $140 million in compensation and retirement benefits that Ghosn stood to collect, according to the SEC. Kelly, who has been described as Ghosn's right-hand man, joined Nissan in 1988 as the senior legal manager and deputy lawyer of the Japanese carmaker's North American division.

The SEC announced Monday that Nissan had agreed to pay a $15 million civil penalty to settle its liability in the alleged scheme, while Ghosn and Kelly agreed to penalties of $1 million and $100,000, respectively. They all reached the civil settlement without admitting or denying the SEC's allegations.