Federal prosecutors arrested former Volkswagen AG engineers Michael Stamp and Marcus Plank for insider trading. The pair allegedly used confidential information about a $5 billion joint venture with Rivian Automotive Inc. to trade securities.
The engineers generated more than $300,000 in illegal profits from Rivian stock and options. These trades occurred prior to the official partnership announcement on June 26, 2024.
Evidence includes internet searches suggesting the defendants knew their actions were illegal. Both men face charges of conspiracy and securities fraud. A conviction on the most serious counts carries a maximum prison sentence of 25 years.