The SEC is seeking a court order to recover all ill-gotten gains from Volkswagen and impose civil penalties against it. The Commission also seeking a court order to prohibit Winterkorn from serving as an officer or director of a public company.
Volkswagen plans to fight SEC charges
In a statement to CNN Business on Friday, a Volkswagen spokesman called the SEC charges as “legally and factually flawed. The German automaker plans to “contest it vigorously.”
In addition, the spokesman said Volkswagen’s securities were “sold only to sophisticated investors, who were not harmed and received all payments of interest and principal in full and on time.” He went on to say that the SEC complaint “repeats unproven claims” regarding Winterkorn who “played no part in the [securities] sales.”
