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SEC charged to Volkswagen and Martin Winterkorn with massive fraud



Fossil fuels
 Volkswagen clean diesel FTC lawsuit

Published on March 1

6, 2019 |
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by Steve Hanley

16. March 2019 by Steve Hanley



  Volkswagen clean diesel FTC lawsuit

Volkswagen is furious about leaving the stain of its diesel scam scandal. It is trumpeting its high electric car expectations for anyone who wants to listen, and in truth the claims make suggest that the company is one of very few older car manufacturers who have actually accepted the electric car's future.

But despite the fact that the best bet, the incredible scandal, just doesn't want to go away. The Securities and Exchange Commission (SEC) in Tesla and Elon Musk – has charged Volkswagen and its former CEO Martin Winterkorn with deceiving investors. Well, okay. We kind of new it, right? So what's the new news here? According to the SEC, Winterkorn knew about the incredible years earlier than in 2015, when the incredible scandal exploded. In fact, the SEC says that Winterkorn participated in the entire diesel release scheme as far back as 2007.

It can put Winterkorn in deep legal doo doo both in the US and Germany. He has previously testified to the German parliament that he did not know anything about emission failures until just before the scandal broke in September 2015. What the consequences of lying to Parliament may be that we have no idea, but some serious legal danger may be in the offensive for the man who was once dignified as a national hero in a country where engineers were considered gods.

Winterkorn's lawyer, Steven Molo, rejected a request for comment from the New York Times and referred all questions to Volkswagen. In a statement, Volkswagen said, "S.E.C.'s complaint is legal and indeed wrong, and Volkswagen will compete vigorously." They should absolutely. If the SEC is successful, the company can look at billions in fines and penalties at a time when needed for every pfennig it can find to bring competitive electric cars to the market.

The SEC action can put the fox among the chickens worldwide. Volkswagen has reportedly sold around 8.5 million diesel vehicles equipped with software designed to trick global emissions testing. Will these countries now restore their own investigations in light of these recent SEC statements? The future is terribly difficult to predict, but one suspects that there are many deeply concerned leaders who pacify the executive suite in Wolfsburg these days.

The question for consumers will be whether people will feel comfortable buying cars in the future from a company It may have deliberately put so many lives in danger lately? Volkswagen sales have returned well from the dark days of 2015. People have short memories, it works.


Tags: diesel emissions scandal, Martin Winterkorn, Volkswagen, Volkswagen, diesel emissions scandal


About the author

Steve Hanley Steve writes about the technology-sustainability interface from his home in Rhode Island and elsewhere Singularity can lead him. His motto is, "Life is not measured by how many breathing we take, but by the number of moments that take our breath away!" You can follow him on Google + and on Twitter .




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