The best securities agency in the United States has given a reason to Volkswagen to undertake a “huge fraud” and positioned its investors, the most recent in a continuous diesel emission scandal that revealed to the German charmaker .
The Securities and Exchange Commission said late Thursday that it had sued Volkswagen and Martin Winterkorn, his former chief executive, in a case involving a ten-year scheme made by one of the world's largest car manufacturers to test on diesel emissions.
The agency is trying to do too much. Mr Winterkorn from being an executive director of any publicly listed company in the United States. He also wants to recover what is called “dissatisfied gains” from Volkswagen. Mr Winterkorn's federal prosecutors claimed controversially on Mr Winterkorn in 201
“The complaint is S.E.C. legally and factually defective, and Volkswagen will vigorously challenge, ”read the statement
Mr. Winterkorn denied injustice in the past, including evidence before the German Parliament. Steven Molo, Mr Winterkorn's lawyer, did not respond to immediate comments
In the most recent annual report by the motorist, he pointed out that there may be an issue and said that it was the S.E.C. requested information relating to possible breaches of securities laws. In a statement that CNBC, the company said the complaint was “legally flawed and the facts of it,” and sent the carmaker “piling on.”
He entered a $ 14.7 billion settlement to shareholder claims to settle came from the diesel cheating scandal. It was the largest domestic consumer activity arrangement in the United States at the time. He cheated on those tests, he took money from American investors. Between April 2014 and May 2015, Volkswagen collected more than $ 13 billion from American investors in the bond and securities markets, even as senior management knew that hundreds of thousands of its diesel vehicles exceeded vehicle emission limits, the S.E.C. He said in his complaint, filed in San Francisco.
Mr. Winterkorn and other Volkswagen executives were told about devices that were being used to conceal emission problems as early as November 2007, meeting with engineers on problems with the carmakers “clean diesel cars”, said the regulator in his complaint.
“Although at least one participant warned that the existing vehicles on the road in the United States would undermine VW's reputation if the high emissions of vehicles were discovered, these concerns were ignored,” The SEC
By convincing, Volkswagen was about to take hundreds of million dollars from investors on more favorable terms for the company, he said.
Volkswagen made “false and misleading statements to investors and underwriters about a quality vehicle, environmental compliance, and VW's financial position,” the SEC said on Thursday