Former Volkswagen CEO Martin Winterkorn, seen here posing with a 1950 VW Beetle, resigned shortly after the company’s emissions scandal erupted. (Photo: Thomas Kienzle, AP)
The U.S. Securities and Exchange Commission charged Volkswagen Group and former CEO Martin Winterkorn with deceiving investors about the company’s vehicle quality, compliance and finances before its erupted.
The SEC charges, filed late Thursday, mark the latest in a cascading series of legal crises for VW following its admission that it rigged about 11 million vehicles worldwide with software to cheat emissions tests.
The Wall Street regulatory agency accused the German automaker of defrauding investors by selling bonds at inflated prices and lying to them about the state of the company. The accusations cover actions from April 2014 to May