The United States Securities and Exchange Commission (SEC) alleged Thursday in a court filing that Volkswagen (VW) "perpetrated a massive fraud" and repeatedly lied to U.S. investors in connection with the company's emissions scandal.
According to the SEC's complaint, from April 2014 to May 2015, VW issued over $13 billion in bonds and asset-backed securities in the U.S. markets. During that time, the senior executives knew that over 500,000 vehicles in the United States grossly exceeded legal vehicle emissions limits, exposing the company to massive financial and reputational harm.
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