Volkswagen engineers Michael Stamp, Marcus Plank charged with insider trading
Two Volkswagen engineers, Michael Stamp and Marcus Plank, have been charged with insider trading after allegedly using secret information about VW's big partnership with Rivian, code-named "Project Climb," to buy up Rivian stock and options before the news went public in June 2024.
The collaboration focused on electric-vehicle tech and software.
Volkswagen $5B later $5.8B, Rivian +23%
Volkswagen started the joint venture with a $5 billion investment (later increased to $5.8 billion), and Rivian's stock shot up 23% after the announcement.
Prosecutors say Stamp made about $250,000 from trades, Plank got $50,000, and a relative of Plank also cashed in.
Both were arrested in San Jose on July 24, 2026, and are set to appear in federal court soon.
If convicted, they could each face up to 25 years behind bars.