Jump to content
Create New...
  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • Drew Dowdell
    Drew Dowdell

    SEC Sues VW and EX-CEO Winterkorn for Fraud

      ... sues to recover "ill-gotten gains"

    The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market.  During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. 

    The suit says:

    Quote

    [VW] "reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company," the SEC said, adding VW "repeatedly lied to and misled U.S. investors, consumers, and regulators as part of an illegal scheme to sell its purportedly 'clean diesel' cars and billions of dollars of corporate bonds and other securities in the United States."

    Winterkorn resigned within days of the scandal braking in 2015. 

    Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously".

    Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US.

    User Feedback

    Recommended Comments

    Makes one wonder how many of the auto's are still on all those unguarded lots across America and how much of the money actually went back to VW versus into executives pockets? VW has a long road still ahead of themselves with this nightmare.

    Link to comment
    Share on other sites



    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.




  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • You're president LIES to you     Canada is doing quite well DESPITE the tariffs.  How is tourism in the US though?  Do you need Canadian money?  I bet you do!!! Maple Maga from Alberta Pierre Poilievre is whining that PM Carney is wasting Canadian tax payer money on traveling. Yeah...Maple Maga lies also.  I mean, yeah, Carney is on a global tour, but he is securing trade deals with all kinds of different countries including China to possibly let in Chinese EVs. And military  talks. Canada is planning to ditch the F35. Maybe. Trying to see if the SAAB J39 Gripen is a good fit for Canada. Im willing to bet it is as its also waaaay cheaper to not only buy it, but also operate it as compared to the F35.  Sweden is also proposing to let Canada produce it in Canada in exchange for Canadian steel to sweeten the deal.  If Canada decides to forego the F35, it will be a HUUUUUGE blow to the US.  For many reasons...   Only problem with the SAAB is that Canada is used to having US defense intel integrated with our military hardware.  But Trump is screwing with that.  It may be time to decouple from the US. But this is why Carney is talking with Sweden, Norway, the UK, France and Germany about taking over NATO WITHOUT the US... To re-integrate ALL of our military hardwares and softwares NOT to be linked with the US.  Read up on it. Its fascinating how quickly the US is dissolving.  A decision is going to happen in October I believe about the F35 purchase or not.  Canada  scuttled a US submarine deal earlier this year.  Its either Germany or Norway to get our contract.  Decision to come soon.  I repeat, the US is quickly becoming a paper tiger.   I suggest you guys read up on global affairs regarding your country.  You may need to oust Trump as quickly as you can. The longer you wait, the faster the US becomes irrelevant. Yeah Donald.   Phoque YOU!!! Phoque the US  
    • Isnt the NASCAR truck series still going on?  It is not a big stretch for NASCAR to race CUV/SUV body styles in lieu of sedans/coupes when they also race pick-up trucks.  Stock cars racing is no longer. Hasnt been since the late 80s.  In fact, having front wheel drive name plates racing as 'rear wheel drive stock cars'  has been a thing since stock cars have not been a thing...since the late 80s.  Therefore, the next logical step for NASCAR to do is have CUV/SUV body style race cars since sedans and coupes are almost extinct in the real world.    The main thing is that 'stock cars' could never be raced ever again.  Since a while now as race safety for drivers (pit crews and spectators also) takes precedence over anything else on a race track.   I dont mind that NASCAR is not 'stock cars'. In fact, I applaud that move for safer race cars.   I dont mind that FWD name plates are plastered on the race cars.  If the public does not buy RWD cars anymore, at least the ones that race in NASCAR, what is NASCAR to do?  Therefore the same logic applies to CUV/SUV body styles.  If Impalas, and Grand Prixs and Hudson Hornets and Luminas and Camaros do not exist anymore, but Rav 4s, Equinoxes and Escapes exist and sell quite well with the masses, let the torch be passed unto the next batch of popular everyday automobiles to be raced in NASCAR. 
    • Not me.  I have a decent kitty in my GM Card and I can't think of anything I'd buy from them.  I feel both ripped off and heartbroken. I had a little Nissan Versa sedan at the beginning of September.  A school friend put me up in NYC prior to sailing out so I bought all the meals and drove her around in a $50 a day Versa rented at La Guardia.  Bear Mtn. and Westchester County one day.  Long Island and Queens the next.  Zipped around NYC with ease, including parking it, it sipped fuel, it has good sight lines, and it's so damn logical - dash, trunk, etc.  I'd baby the CVT with frequent fluid changes and thought, 'I could do this.'
    • "Buy GM. Buy Ford. Buy American."-Too many posters to name here   Meanwhile Ford has more recalls than they have cars and GM just took an official dump on a movement they claimed to champion not two years ago. Mary Barra is a joke in clown shoes at this point.    https://www.wsj.com/business/autos/general-motors-ev-mary-barra-8e5c1eb2?gaa_at=eafs&gaa_n=ASWzDAhF6A9fNywRoIX_MNcLPRCtSOdFj4HwcE8_WlElZBJ1pdU8hsDLD6nhgAvgzg%3D%3D&gaa_ts=68dbe9bd&gaa_sig=ESFzN-IxI4kLseymfl32-3LMqYdNbzCvyVKK_XAKt8tvYDTejyMjkmxIzUZ_gtSb_QhvY9k5VhkRbN_uVUchmA%3D%3D
  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

Write what you are looking for and press enter or click the search icon to begin your search