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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ SEC says that Volkswagen has committed fraud, lied to investors

SEC says that Volkswagen has committed fraud, lied to investors



The Securities and Exchange Commission argued that Volkswagen had "mass swindled" in court and repeatedly lied to American investors in connection with the so-called DieselGasy scandal.

8 and charged with plotting to hide a German automaker from diesel fuel deception. bonds and securities backed by assets in US markets, while executives knew that more than 500,000 American diesel vehicles had significantly exceeded car emission ceilings.

"Covering the emissions pattern, Volkswagen has collected hundreds of millions of dollars in favor of securing securities at more attractive rates for the company," said the SEC in a summary of its filing.

Volkswagen claimed that the SEC's complaint was "legally and virtually imperfect". Reuters reported that the Winterkorn attorney could not be reached early on this day.

VW said in its annual report that the SEC could take coercive action against the company through the participation of a German automaker in the scandal of emissions.

automaker said the agency is "piled up" and what the agency is without merit.

SEC asked Volkswagen for information about potential securities breach of certain investments that the company could sell to investors. The agency is seeking evidence that the automobile manufacturer was unable to disclose information about vehicles that did not comply with the standards. US emissions when it issued certain securities to investors.

One of the largest automakers in the world, Volkswagen was shocked by the reports of the first surfacing in 2015 that he was caught cheating on the test of but emissions in the United States. The next scandal cost Volkswagen billions of dollars to settle and force car manufacturers to recall millions of vehicles. The SEC brought an unprecedented complaint regarding securities sold only to sophisticated investors who were not damaged and received all interest and principal payments in full and on time. The SEC does not blame that any bondsman knew that Volkswagen diesel engines did not comply with the US emission regulations when these securities were sold, but simply repeats the unclaimed claims of the former CEO of Volkswagen AG, which did not play in sales. Unfortunately, more than two years after Volkswagen entered the iconic, multi-billion dollar settlements in the United States with the Ministry of Justice, almost every state and nearly 600,000 consumers, the SEC now accumulates to try to extract more from the company. 19659013] – Reuters contributed to this report.


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