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Image Credits:David Paul Morris/Bloomberg / Getty Images12:56 PM PDT · July 24, 2026
The U.S. Department of Justice has charged 2 Volkswagen engineers with securities fraud for an alleged insider-trading strategy connected to the German automaker’s associated task with Rivian.
The indictment, unsealed Friday by the U.S. District Attorney for the Southern District of New York, alleges that Michael Stamp and Marcus Plank made much than $300,000 by utilizing confidential insider information. Stamp and Plank allegedly bought Rivian banal and options aft learning that the EV shaper and Volkswagen planned to signifier a associated task — internally codenamed “Project Climb” — but earlier the companies made immoderate nationalist announcements.
Rivian and Volkswagen announced plans for the joint venture connected June 25, 2024, which would absorption connected processing electrical conveyance architecture and software. Volkswagen initially committed to put $5 cardinal successful Rivian, with the superior to beryllium released arsenic the companies execute definite milestones. The associated task has since grown to $5.8 billion, and Volkswagen is present Rivian’s largest shareholder.
Rivian’s banal terms roseate 23% pursuing the archetypal announcement successful June. Stamp and Plank past allegedly sold their Rivian positions, with Stamp realized astir $250,000 successful profits, Plank realizing astir $50,000, and Plank’s adjacent household subordinate realizing astir $12,000, arsenic elaborate successful the indictment.
“Michael Stamp and Marcus Plank’s alleged exploitation of their employer’s confidential accusation allowed them to marque much than $300,000 successful amerciable profits,” U.S. Attorney Jay Clayton said successful a connection Friday. “When radical misuse confidential accusation for their ain fiscal gain, they undermine the principles that let our markets to relation reasonably and efficiently. Insider trading is simply a transgression that New Yorkers privation pursued with vigor. Its effects ripple done the fiscal system, harming mean investors and eroding nationalist confidence. Today’s charges underscore the committedness of this Office and our instrumentality enforcement partners to protecting the integrity of our markets and holding accountable those who take to interruption the law.”
Investigators allege the 2 engineers understood their actions were illegal. Eight days anterior to the associated task was announced, Stamp searched “statute of limitations insider trading,” and Plank’s adjacent household subordinate searched, successful German, “how is insider trading prosecuted?,” according to the indictment.
The pair, who some unrecorded successful San Jose, were arrested Friday and volition look successful the U.S. District Court for the Northern District of California. The lawsuit has been assigned to U.S. District Judge Katherine Polk Failla. Stamp and Plank look up to 25 years successful situation if convicted of national securities fraud.
TechCrunch has reached retired to Rivian and Volkswagen for remark and volition update the nonfiction if either institution responds.
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Kirsten Korosec is simply a newsman and exertion who has covered the aboriginal of proscription from EVs and autonomous vehicles to municipality aerial mobility and in-car tech for much than a decade. She is presently the proscription exertion astatine TechCrunch and co-host of TechCrunch’s Equity podcast. She is besides co-founder and co-host of the podcast, “The Autonocast.” She antecedently wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
You tin interaction oregon verify outreach from Kirsten by emailing kirsten.korosec@techcrunch.com oregon via encrypted connection astatine kkorosec.07 connected Signal.
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