The Securities and Exchange Commission is charging Volkswagen and former CEO Martin Winterkorn with defrauding American investors during an emissions scandal.
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The SEC said that between April 2014 and May 2015 Volkswagen issued more than $13 billion in bonds and asset-backed securities in U.S. markets when senior executives knew that more than 500,000 vehicles in the country grossly exceeded legal vehicle emissions limits.
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The complaint claims Volkswagen made false and misleading statements to investors and underwriters about vehicle quality, environmental compliance, and the company's financial standing, which gave Volkswagen a financial benefit when it issued securities at more attractive rates for the company.
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Volkswagen did not immediately comment early Friday.
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