Volkswagen engineers charged with insider trading tied to Rivian joint venture
The U.S. Department of Justice has charged two Volkswagen engineers, Michael Stamp and Marcus Plank, with securities fraud for an alleged insider-trading scheme related to Volkswagen's joint venture with Rivian. The indictment, unsealed in the Southern District of New York, alleges the pair made over $300,000 by buying Rivian stock and options after learning about the joint venture (codenamed 'Project Climb') but before the public announcement on June 25, 2024. Rivian's stock rose 23% after the announcement, and the engineers sold their positions for profit. Stamp allegedly realized $250,000, Plank $50,000, and a family member $12,000. Investigators say the engineers understood their actions were illegal, with searches about insider trading statutes of limitations and prosecution. Both face up to 25 years in prison if convicted. Volkswagen stated the action targets individuals, not the company.
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