Federal prosecutors in Manhattan unsealed an indictment on July 24 charging two former Volkswagen engineers, Michael Stamp and Marcus Plank, with securities fraud for allegedly trading on inside knowledge of Volkswagen's planned multibillion-dollar electric-vehicle joint venture with Rivian. Prosecutors say the pair bought Rivian shares and options before the partnership, internally codenamed 'Project Climb,' was announced in June 2024, then sold for more than $300,000 in combined profits once the news went public. Each faces one count of securities fraud carrying a maximum 25-year sentence; neither Rivian nor Volkswagen was accused of wrongdoing.
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