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发帖数: 20761 | 1 Securities and Exchange Commission alleges VW pulled down $13 billion by
deceiving consumers.
By David A. Wood, CarComplaints.com Posted in News
Volkswagen Charged by the SEC For Defrauding Investors
March 15, 2019 — Volkswagen has been charged by the U.S. Securities and
Exchange Commission (SEC) for defrauding investors by issuing $13 billion in
bonds at the same time senior executives knew more than 500,000 diesel
vehicles were illegal.
In addition to VW, regulators charged former CEO Martin Winterkorn and two
Volkswagen subsidiaries, Volkswagen Group of America Finance, and VW Credit,
for raising billions of dollars while offering deceptive claims about "
clean diesel" vehicles.
The SEC also alleges VW lied to investors and underwriters about the
automaker's financial standing and the quality of its diesel vehicles. While
investors were told more than 500,000 vehicles were environmentally
friendly, the real story was the complete opposite as the vehicles emitted
up to 40 times above legal levels of nitrogen oxides.
Volkswagen investors were forced to watch as the automaker paid about $30
billion for deceiving U.S. regulators and the public about the clean diesel
vehicles.
According to charges by the SEC, Volkswagen "perpetrated a massive fraud" by
pulling in hundreds of millions of dollars by issuing securities at better
rates based on lies about the diesel models.
The complaint says Volkswagen should give up all its "ill-gotten gains with
prejudgment interest" and pay civil penalties, although regulators didn't
say how much that will lighten VW's wallet.
VW responded to the charges by claiming the SEC action is "legally and
factually flawed" and only a move to get more money from the automaker. |
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