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Former Volkswagen engineers plead not guilty in US insider trading case
Prosecutors allege the engineers traded on nonpublic plans for a $5 billion Volkswagen-Rivian joint venture, after which Rivian shares jumped 23%.
Insurance Journal reports two former Volkswagen AG engineers pleaded not guilty in Manhattan to US insider trading charges tied to the automaker’s planned $5 billion joint venture with Rivian Automotive Inc.
Prosecutors allege Michael Stamp and Marcus Plank made a combined $300,000 trading on secret information, with Stamp allegedly profiting $250,000 and Plank clearing $50,000. Plank is also accused of passing the information to a family member who allegedly made $12,000.
The alleged scheme centers on the June 26, 2024 announcement of the Volkswagen-Rivian deal, which drove Rivian shares up 23%. Stamp, 31, and Plank, 45, are charged with conspiracy and securities fraud and each faces up to 25 years in prison on the most serious counts, according to the report.
Both defendants are free on $500,000 bond. Their not guilty pleas were entered at a Tuesday hearing, and the trial is described as potentially taking place in early 2027.