Volkswagen engineers charged with insider trading tied to Rivian joint venture
Department of Justice has charged two Volkswagen engineers with securities fraud for an alleged insider-trading scheme connected to the German automaker’s joint venture with Rivian. District Attorney for the Southern District of New York, alleges that Michael Stamp and Marcus Plank made more than $300,000 by using confidential insider information. Stamp and Plank allegedly bought Rivian stock and options after learning that the EV maker and Volkswagen planned to form a joint venture — internally codenamed “Project Climb” — but before the companies made any public announcements.
- ▪Department of Justice has charged two Volkswagen engineers with securities fraud for an alleged insider-trading scheme connected to the German automaker’s joint venture with Rivian.
- ▪District Attorney for the Southern District of New York, alleges that Michael Stamp and Marcus Plank made more than $300,000 by using confidential insider information.
- ▪Stamp and Plank allegedly bought Rivian stock and options after learning that the EV maker and Volkswagen planned to form a joint venture — internally codenamed “Project Climb” — but before the companies made any public announcements.
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- ▪ Two ex-Volkswagen engineers arrested for insider trading — Investing.com — News
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The U.S. Department of Justice has charged two Volkswagen engineers with securities fraud for an alleged insider-trading scheme connected to the German automaker’s joint venture with Rivian. The indictment, unsealed Friday by the U.S. District Attorney for the Southern District of New York, alleges that Michael Stamp and Marcus Plank made more than $300,000 by using confidential insider information. Stamp and Plank allegedly bought Rivian stock and options after learning that the EV maker and Volkswagen planned to form a joint venture — internally codenamed “Project Climb” — but before the companies made any public announcements. Rivian and Volkswagen announced plans for the joint venture on June 25, 2024, which would focus on developing electric vehicle architecture and software.
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