VW engineers charged with insider trading tied to Rivian JV
Original: Volkswagen engineers charged with insider trading tied to Rivian joint venture
Why This Matters
Case highlights insider trading risks as major automakers pursue high-profile EV partnerships and billion-dollar joint ventures.
The U.S. DOJ indicted two Volkswagen engineers, Michael Stamp and Marcus Plank, for securities fraud. They allegedly bought Rivian stock and options before the public announcement of VW's joint venture with Rivian, earning over $300,000 in illegal profits. Both were arrested Friday in San Jose.
The U.S. Department of Justice unsealed an indictment on July 24, 2026, charging two Volkswagen engineers — Michael Stamp and Marcus Plank, both residing in San Jose — with securities fraud tied to the Volkswagen-Rivian joint venture, internally codenamed 'Project Climb.' The pair allegedly purchased Rivian stock and options after learning of the planned JV before any public disclosure. Rivian and Volkswagen publicly announced the partnership on June 25, 2024, following which Rivian's stock surged 23%. Stamp allegedly netted approximately $250,000 in profits, Plank around $50,000, and a close family member of Plank approximately $12,000. Investigators noted that eight days before the announcement, Stamp searched 'statute of limitations insider trading,' while Plank's family member searched in German 'how is insider trading prosecuted?' — suggesting awareness of the illegality. Volkswagen's initial investment commitment was $5 billion, which has since grown to $5.8 billion, making VW Rivian's largest shareholder. U.S. Attorney Jay Clayton stated the charges 'underscore the commitment of this Office to protecting the integrity of our markets.' If convicted, both engineers face up to 25 years in federal prison. Volkswagen stated the action targets specific individuals and does not involve allegations against the company.