The US Securities and Exchange Commission (SEC) is suing Volkswagen and its former CEO, Martin Winterkorn, for perpetrating fraud against investors amid the so-called dieselgate scandal. The regulator claims the company misled investors in order to achieve financial advantage, when it issued bonds and asset-backed securities despite the knowledge that over 500,000 of its diesel vehicles exceeded legal emissions caps. In a statement released on Tuesday, the SEC said VW had “engaged in an elaborate scheme designed to deceive investors” by issuing more than half a billion dollars worth of debt with false promises about
The US Securities and Exchange Commission (SEC) is suing Volkswagen and its former CEO, Martin Winterkorn, for perpetrating fraud against investors amid the so-called dieselgate scandal. The regulator claims the company misled investors in order to achieve financial advantage, when it issued bonds and asset-backed securities despite the knowledge that over 500,000 of its diesel vehicles exceeded legal emissions caps. Volkswagen has described the SEC’s case as being without merit.