3-15-19: SECURITIES EXCHANGE COMM CHARGES VW AG & FORMER CEO WITH FRAUD ON US INVESTORS
The SEC charges add a new dimension to the saga that began when U.S. authorities exposed Volkswagen's diesel fraud in 2015 and the company admitted to rigging nearly 11 million diesel vehicles world-wide to cheat emissions tests.
The SEC alleges that the carmaker raised over $13 billion in bonds and asset-backed securities at a time when the company's leadership knew over 500,000 of its vehicles in the U.S. exceeded legal emission limits.
