Jump to content
  • 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.

    Source: Automotive News (subscription required)



    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.

    Share this comment


    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.




  • Similar Content

    • By Drew Dowdell
      Volkswagen of America November 2019 Sales
        Nov. 19
      Nov. 18
      Yr/Yr% 
      change
      Nov. 19 YTD
      Nov. 18 YTD
      Yr/Yr% 
      change
       Golf
      318 
      300 
      6.0% 
      5,330 
      6,361 
      -16%   GTI
       768 
      1,045 
      -27% 
      10,907 
      15,639  -30%   Golf R
       356 
      116 
      207% 
      3,829 
      3,380  13%   e-Golf
      366 
      230 
      59% 
      4,599 
      1,132  306%   Golf SportWagen
       945 
      797 
      19% 
      10,064 
      13,334  -25%   Total Golf Family
      2,753  
      2,488   
      11%  
      34,729  
      39,846   -13%    Jetta Sedan
      8,966 
      9,207 
      -2.6% 
      92,289 
      80,473  15%   Jetta SportWagen      
       (now Golf  SportWagen)


               N/A 
      -  71 
      N/A 
       Total Jetta
      8,966  
      9,207   
      -2.6%  
      92,289  
      80,544   15%   Beetle Coupe
      383 
      338 
      13% 
      7,380 
      8,181  -10%   Beetle  Convertible
      407 
      210 
      94% 
      9,123 
      5,313  72% 
       Total Beetle
      790  
      548  
      44%  
      16,503  
      13,494   22%    Passat
      228 
      2,156 
      -89% 
      13,409  38,285  -65%   CC


      -20% 
      56 
      444 
      -87%   Arteon
      317  -  N/A  2,166  -  N/A   Tiguan Limited

      273 
      -100% 
      390 
      13,357  -97%   Tiguan
      8,402 
      6,794 
      24% 
      101,642 
      81,123  25%   Total Tiguan
      8,403  
      7,067  
      19%  
      102,032  
      94,480  
      8%  
       Touareg

      85 
      -99% 
      153 
      1,964 
      -92%   Atlas
      7,756 
      5,233 
      48% 
      74,108 
      52,960 
      40%   Total Car
      13,058  
      14,404  
      -9.3%  
      159,152  
      172,613  
      -7.8%  
       Total SUV
      16,160  
      12,385  
      30%  
      176,293  
      149,404  
      18%  
       TOTAL 
      29,218  
      26,789   
      9.1%  
      335,445  
      322,017  
      4.2%  
    • By Drew Dowdell
      Los Angeles - Volkswagen has rolled out the 7th vehicle on the MEB platform at the Los Angeles Auto Show. Known as the ID. Space Vizzion, it is an all-electric wagon concept that previews a potential production vehicle for North America and Europe. It has a super efficient drag coefficient of 0.24 and carries and 82 kWh battery for a range of up to 300 miles.
      The concept car is powered by a 275-horsepower motor mounted in the rear. A second motor could me mounted up front giving a total system output of 365 hp and all-wheel drive. 
      Inside, the ID Space Vizzion is chock full of modern touches such as an augmented reality heads up display, new "AppleSkin" material is used in the seats and doors. The color spectrum of the infotainment system also changes according to the selected background lighting color. If the ID. SPACE VIZZION detects a stressful situation, such as rush hour traffic jams, the system suggests switching to a relaxation mode in which a calming ambient lighting shade is activated.

      No word yet on when and if the ID. Space Vizzion is coming to market, but with the expansion of Chattanooga already underway to build the ID cars, the ID Space Vizzion's production counterpart could be here sooner rather than later. 

      View full article
    • By Drew Dowdell
      Los Angeles - Volkswagen has rolled out the 7th vehicle on the MEB platform at the Los Angeles Auto Show. Known as the ID. Space Vizzion, it is an all-electric wagon concept that previews a potential production vehicle for North America and Europe. It has a super efficient drag coefficient of 0.24 and carries and 82 kWh battery for a range of up to 300 miles.
      The concept car is powered by a 275-horsepower motor mounted in the rear. A second motor could me mounted up front giving a total system output of 365 hp and all-wheel drive. 
      Inside, the ID Space Vizzion is chock full of modern touches such as an augmented reality heads up display, new "AppleSkin" material is used in the seats and doors. The color spectrum of the infotainment system also changes according to the selected background lighting color. If the ID. SPACE VIZZION detects a stressful situation, such as rush hour traffic jams, the system suggests switching to a relaxation mode in which a calming ambient lighting shade is activated.

      No word yet on when and if the ID. Space Vizzion is coming to market, but with the expansion of Chattanooga already underway to build the ID cars, the ID Space Vizzion's production counterpart could be here sooner rather than later. 
    • By Drew Dowdell
      Volkswagen has broken ground on an $800 million expansion of their plant in Chattanooga, TN.  The expansion is for additional capacity to build electric vehicles for North America. The body shop will increase by 564,000 square feet and a new 198,000 square foot battery assembly center will be constructed. Overall the expansion will add about 1,000 permanent jobs. Production of a long range vehicle, the ID. Crozz / ID. 4 is expected to begin in the expanded plant in 2022.
      Chattanooga currently builds the Passat, Atlas, and Atlas Cross Sport. 

      View full article
    • By Drew Dowdell
      Volkswagen has broken ground on an $800 million expansion of their plant in Chattanooga, TN.  The expansion is for additional capacity to build electric vehicles for North America. The body shop will increase by 564,000 square feet and a new 198,000 square foot battery assembly center will be constructed. Overall the expansion will add about 1,000 permanent jobs. Production of a long range vehicle, the ID. Crozz / ID. 4 is expected to begin in the expanded plant in 2022.
      Chattanooga currently builds the Passat, Atlas, and Atlas Cross Sport. 
  • Posts

    • All cars are as posted. 1. 1970 Olds 442 W-30 with those rocket wheels instead of the Magnum wheels and preferably no wing...and no vinyl top either...   2.  1969 Plymouth Road Runner  or GTX...preferably a Road Runner so I could honk the horn to hear it go...meep meep.    3. Dodge Challenger Hellcat.  Redeye is optional. I dont care as long as its a Hellcat...   4. 1973 Pontiac Trans Am SD455 with white vinyl interior. 5. 1933 Ford Roadster Hot Rod  with Ford's latest 5.2 liter V8. Not the Voodoo, but the new GT500 V8.   An Ancient Greek mythological themed motif  to compliment the Hot Rod look to it instead of the stereotypical flames and/or skulls...    These would be numbers matching garage queens. Not babied by all means, they'd be driven, but not hard miles.  I wouldnt pamper them too much, but Id be careful as well.    If I was to replace those with clones and restomodded/pro-toured with modern set-ups, then Id daily drive all of them. One week one car, the following car next week and so forth.     
    • Its gots to be all those residual checks that GM cashes in from movie royalties... The Chevy Suburban just got its Hollywood Walk of Fame Star a couple of days ago.... It is said that the Suburban has had a 60 year career and been in over 1750 movies...so...11 billion dollars/per year profit    The year GM went bankrupt, there was a conspiracy against GM and Hollywood stopped re-running  Smokey and the Bandit, The A-Team, Knight Rider...  
    • I have 2 of my muscle cars already. I would certainly entertain a '50s Eldorado Seville and one of the late '50s MoPar supercars, preferably an Adventurer but a 300 Letter Series would be just peachy too.
    • [Wanders off over the moonscape...]
    • Dozens of unique vehicles sell less than 30K per year. Volume is immaterial, profit is the prime consideration. But even then: Luckily, Cadillac, and in turn; General Motors, produces dozen & dozens & dozens of other models. Tesla only builds like 11K Model S per year. Course; they don't make a profit... but they're still building the thing. We've read some wags claim that 'Chevy doesn't make any money; too many low margin models' and 'Buick sales are slowing every year; it can't be making a profit' and 'Cadillac doesn't sell 2 million units/year; therefore they can't be making a profit'. Solid, disconnected thinking there, that. Gee, I don't think GMC is making $11 billion in profit all by itself.
  • Social Stream

  • Today's Birthdays

    1. gmcbob
      gmcbob
      (45 years old)
  • Who's Online (See full list)

  • My Clubs

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×
×
  • Create New...