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Ex-VW engineers deny Rivian insider trading charges
Prosecutors allege the defendants made $300,000 before news of a $5 billion EV joint venture between the companies
(Michaela Stache/Bloomberg)
Key Takeaways:
- Former Volkswagen engineers Michael Stamp and Marcus Plank pleaded not guilty Aug. 4 in Manhattan to conspiracy and securities fraud charges.
- Prosecutors said Volkswagen’s $5 billion Rivian venture lifted Rivian shares 23%, enabling alleged profits of $250,000 for Stamp and $50,000 for Plank.
- Both men are free on $500,000 bond, and Stamp’s lawyer said a trial may take place in early 2027.
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.
The engineers, Michael Stamp and Marcus Plank, both in the U.S. on assignment from Germany, are charged with conspiracy and securities fraud. They entered not guilty pleas at a hearing in Manhattan on Aug. 4.
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, Calif., 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 Aug. 4 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 U.S. v. Stamp, 26-cr-316, U.S. District Court, Southern District of New York.
