The American stock market watchdog SEC has imposed a settlement fine of 18 million dollars on the German car manufacturer BMW. The carmaker has been fined for artificially polishing sales to entice investors.
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The group’s North American affiliate reportedly provided false and misleading information in the issue of bonds totaling $ 18 billion, the SEC said. From 2015 to 2019, BMW faked sales figures. The car manufacturer used a reserve of undeclared vehicle sales to achieve the monthly sales targets. The German group also adjusted the sales that took place between 2015 and 2017.
“Companies using the US capital raising markets have an obligation to provide accurate information to investors,” said SEC executive Stephanie Avakian in a press release. “BMW misled investors about US retail sales performance and consumer demand for BMW vehicles in the US market, while raising capital in the US.”
The American stock market watchdog pointed to BMW’s collaboration in the investigation in the press release. This cooperation was therefore taken into account when imposing the sentence.
The German group states that it is satisfied to have settled the dispute. “A lot of the facts took place more than three years ago,” it said.
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