Two Volkswagen engineers charged with insider trading after buying Rivian stock before the joint venture they helped build was announced
TL;DR
DOJ charges two VW engineers with insider trading for buying Rivian stock before the joint venture announcement
Federal prosecutors on Friday arrested two Volkswagen engineers in San Jose, California, and charged them with insider trading for buying Rivian stock before VW’s multibillion-dollar joint venture with the electric vehicle maker was publicly announced. Michael Stamp and Marcus Plank, both based at VW’s US operations, each face one count of federal securities fraud carrying a maximum sentence of 25 years in prison. The indictment, filed by the US Attorney’s office for the Southern District of New York, alleges the two men used confidential knowledge of the partnership, internally codenamed Project Climb, to purchase Rivian shares in the weeks before the deal was revealed on June 25, 2024.
Stamp allegedly made approximately $250,000 in profits from his trades, while Plank netted roughly $50,000, according to the indictment. A family member of Plank...
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