⏱ 2 min read
Michael Stamp and Marcus Plank, two former auto engineers, have been charged with insider trading in the Southern District of New York. The scheme involved using confidential information about a joint venture between Volkswagen and Rivian Automotive to make hundreds of thousands of dollars in illegal profits. The alleged crimes occurred while Stamp and Plank were employed by Volkswagen, and the indictment was unsealed in the U.S. District Court for the Northern District of California. The case is being prosecuted by the U.S. Attorney’s Office for the Southern District of New York, with the FBI leading the investigation.
The charges against Stamp and Plank allege that they exploited their access to confidential information to buy and sell securities, making over $300,000 in profits. This type of insider trading undermines the fairness and efficiency of the financial markets, harming ordinary investors and eroding public confidence. U.S. Attorney Jay Clayton stated that insider trading is a crime that will be pursued with vigor, and that the charges against Stamp and Plank demonstrate the commitment of the U.S. Attorney’s Office and the FBI to protecting the integrity of the financial markets.
The investigation and prosecution of Stamp and Plank are part of a larger effort to combat white-collar crime and protect the integrity of the financial system. The FBI and the U.S. Attorney’s Office are working together to identify and hold accountable those who engage in insider trading and other forms of financial misconduct. The case against Stamp and Plank serves as a reminder that insider trading is a serious crime with serious consequences, and that those who engage in it will be prosecuted to the fullest extent of the law.
📋 Key Facts
- Crime: White Collar Crime
- Defendant: New York
- Location: NY
- Source: DOJ Press Release
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