Ex-VW Engineers Deny Rivian Insider Trading Charges

Two former Volkswagen engineers, Michael Stamp and Marcus Plank, have pleaded not guilty to conspiracy and securities fraud charges related to alleged insider trading on a $5 billion joint venture between Volkswagen and Rivian Automotive. Prosecutors claim the defendants made a combined $300,000 in profits after the deal was announced on June 26, 2024, which caused Rivian’s stock price to jump 23%. Stamp allegedly made $250,000, while Plank made $50,000, and also passed information to a family member who made $12,000. The engineers, who were living in San Jose, California, on assignment from Germany, face up to 25 years in prison if convicted. They are currently free on $500,000 bond, with a trial potentially taking place in early 2027. Stamp’s lawyer stated that his client is likely to relocate to the New York area to await trial and is currently unemployed due to the charges.