Two former Volkswagen AG engineers denied charges they made a combined $300,000 trading on secret information about the German carmaker’s planned $5 billion joint venture with electric-vehicle maker Rivian Automotive Inc.
The engineers, Michael Stamp and Marcus Plank, both in the US on assignment from Germany, are charged with conspiracy and securities fraud. They entered not guilty pleas at a hearing in Manhattan Tuesday.
The deal between Volkswagen and Rivian was announced June 26, 2024, causing Rivian’s stock price to jump 23%. That allowed Stamp to make $250,000 while Plank cleared $50,000, according to the government. Plank is also alleged to have passed the information to a family member who made $12,000.
Stamp, 31, and Plank, 45, who were both living in San Jose, California, face as much as 25 years in prison if convicted of the most serious counts. They’re each free on $500,000 bond.
Stamp’s lawyer told the judge Tuesday that his client is likely to relocate to the New York area to await trial, which may take place in early 2027. Stamp is unemployed as a consequence of the charges and is living in an Airbnb, with roommates.
The case is US v Stamp, 26-cr-316, US District Court, Southern District of New York.
Photo: Photographer: Krisztian Bocsi/Bloomberg
Topics USA
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