Former Volkswagen CEO Charged With Defrauding Investors

The Securities and Exchange Commission has charged Volkswagen and its former CEO, with defrauding investors.

The SEC says that VW and former CEO Martin Winterkorn fraudulently raised $13 billion from investors in the US.

Making false or misleading claims about the company’s financial standing, vehicle quality and environmental compliance.

In 2015, the German automaker admitted to cheating on carbon dioxide emissions tests by using special software installed in its vehicles.

So far, it has paid out more than $30 billion in penalties as a result.