Carmaker accused of ‘massive fraud’ when selling bonds and cars described as clean diesel
The US Securities and Exchange Commission is suing Volkswagen and its former chief executive, accusing them of defrauding investors by making “deceptive” claims about the environmental impact of its cars.
The regulator said that from 2007 until 2015, VW carried out a “massive fraud” when selling securities and half a million cars it described as clean diesel, when executives knew about the extent of the cheating, the SEC alleged. The cars emitted 40 times more harmful nitrogen oxides than allowed under US rules.