Securities and Exchange Commission Goes After Volkswagen For Massive Fraud

The Securities and Exchange Commission sued Volkswagen Group and its former CEO Martin Winterkorn over the automaker's diesel-emissions scandal, accusing the company of perpetrating a "massive fraud" on U.S. investors.

The SEC said in its civil complaint filed in San Francisco on Thursday that from April 2014 to May 2015, VW issued more than $13 billion in bonds and asset-backed securities in U.S. markets at a time when senior executives knew that more than 500,000 U.S. diesel vehicles grossly exceeded legal vehicle emissions limits.

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PUGPROUD - 3/15/2019 8:05:04 AM

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This scandal has a long tail and not likely to end soon. Total VW payouts likely to exceed $60 billion when finally over, larger than the annual GDP of 100 countries in the world.

Foncool - 3/15/2019 8:44:50 AM

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Put it into perspective. VW’s market cap is only a little over 73 Billion .

MDarringer - 3/15/2019 9:01:10 AM

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Market cap is also a voodoo number.

MDarringer - 3/15/2019 8:14:00 AM

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Piech knew too. Get him.

TomM - 3/16/2019 2:21:36 PM

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Once the Faucet was left a little open for these things to be found - now the Handle is broken off and they cannot stop the bleeding. WE are not the only country that is still suing them over this.

It is a shame that they destroyed the Diesel Reputation when other manufacturers were able to actually produce engines that COULD meet the standards - and still give good economy. Still - diesels will continue to sell well in Europe UNLESS they outlaw them. The middle class cannot afford the difference in the price from Diesel fuel to gasoline.

Boomslui - 3/16/2019 2:37:22 PM

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The US as main polluting country in the world should keep its mouth shut. The continuing witch hunt is a disgrace for the US. The VW cars were and are superior in ecology as well as quality compared to any US car. What about the craziness of oversized, overweight pickups and SUVs and their CO2 ? US companies should be sued for irresponsibility and incompetence.

PUGPROUD - 3/16/2019 4:57:51 PM

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Excuse me...you have never heard or been to India or China it seems.

MDarringer - 3/16/2019 5:40:02 PM

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Boomslut must be another of SanCarlosJoseDriverEVisLassiterDriver's personas.

Holydude - 3/17/2019 1:24:20 PM

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And who says the Germans don't fck around...

Boomslui - 3/17/2019 3:16:16 PM

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CO2 emission per capita for PUGPROUD:

US: nr.1 with 16.5 metric tons per cap per year. China 7.5, India 1.7. Germany 8.9 . So please stop bashing VW and first clean up the US