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BMW fined $18 million for inflating monthly US sales figures

BMW will pay an $18 million fine to settle allegations that it inflated its monthly U.S. sales numbers for five straight years

9/25/2020 2:18:00 PM

BMW will pay an $18 million fine to settle allegations that it inflated its monthly U.S. sales numbers for five straight years.

BMW will pay an $18 million fine to settle allegations that it inflated its monthly U.S. sales numbers for five straight years

The Securities and Exchange Commission said Thursday that the German luxury automaker kept a reserve of unreported sales that it drew on to meet monthly targets from 2015 to 2019.BMW disclosed the misleading information while raising about $18 billion in several corporate bond offerings, the agency said.

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“Companies accessing U.S. markets to raise capital have an obligation to provide accurate information to investors,” Stephanie Avakian, the SEC's Enforcement Division director, said in a statement.The actions helpedBMWmaintain a leading retail sales position among other luxury automakers, the agency said.

BMW of North America also improperly adjusted its sales reporting calendar in 2015 and 2017 to meet internal targets or bank excess sales for use in future months, according to the SEC. The reserve of unreported sales was referred to internally as “the bank,” the agency said.

also paid dealers to designate vehicles as demonstrators or loaners so that they could be counted as sales, the SEC said.The SEC said that BMW cooperated with its investigation, even as thecoronavirusoutbreak forced it to close offices and make workers stay home. The cooperation was taken into account when the penalty was imposed, the agency said.

BMW AG, BMW North America and BMW US Capital did not admit or deny the agency's findings. All three agreed to pay the fine and to stop violating securities laws.In a statement, BMW said much of the conduct happened more than three years ago, and that it occurred due to negligence. “There is no allegation or finding in the order that any BMW entity engaged in intentional misconduct," the company said. “The BMW Group attaches great importance to the correctness of its sales figures and will continue to focus on thorough and consistent sales reporting.”

Read more: ABC News »

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Siemens, BMW, Volkswagen, Deutsche Bank....is Germany so corrupt? That’s why I always buy a Mercedes Benz baby. Crooks I just scrolled the entire ABC News website and I can't find a single story regarding the findings of the Durham probe. .abcnews This is pure negligence on behalf of ABC News. I I heard Trump was doing that too on his properties that’s what everybody saying Trump has the greatest properties they’re worth billions of dollars🙄

So only a thousandth a percent of what they raised in corporate bonds during that time? Basically a slap on the wrist. Sounds like they inflate everything. BMW dealership was going to charge me almost $3,000 to replace the idrive, gear shift, and brake button. Got parts on eBay and cost me $200 in 20 minutes.

Why aren’t any executives going to jail? Dang. Why they tripping それ約分できるんじゃね 😭😭😭

BMW to pay $18 million U.S. fine to resolve inflated sales probeBMW AG and two U.S. subsidiaries agreed Thursday to pay an $18 million U.S. fine to resolve accusations that they disclosed misleading information about the German luxury automaker's retail sales volume in the United States while raising approximately $18 billion... Newsolarsystem Who's getting $18 Million and what happens to that money ? Report on that

Exclusive: Chinese state investors to take BMW partner Brilliance private - sourcesChinese state-backed investors are considering taking BMW's main Chinese joint-venture partner Brilliance private, five people with knowledge of the matter told Reuters, in the latest such deal targeting beaten down Hong Kong-listed stocks. Fuck China and there dam virus 🦠 知道接盘人背景资料吗?

BMW to pay $18 million U.S. fine to resolve inflated sales probeBMW AG and two U.S. subsidiaries agreed Thursday to pay an $18 million U.S. fine to resolve accusations that they disclosed misleading information about the German luxury automaker's retail sales volume in the United States while raising approximately $18 billion... Newsolarsystem Who's getting $18 Million and what happens to that money ? Report on that

Australia's Westpac agrees to $920 million fine over exploitation paymentsAustralia's Westpac Banking Corp agreed on Thursday to pay a record A$1.3 billion ($920 million) fine to settle a lawsuit accusing it of enabling millions of payments to people exploiting children, closing off its darkest chapter.

U.S. to provide $720 million Syria aid; $108 million for South SudanThe United States said on Thursday it would provide more than $720 million in humanitarian assistance for the response to the crisis in Syria and nearly $108 million for South Sudan. Why is it that U.S. has almost $1 billion for Syria & South Sudan, but nothing for unemployed Americans? How does this help Putin?!! Everything traitor trump does is for his Fuhrer Putin What a nice country!!!

Opinion | Africans Knock on America’s DoorFrom WSJopinion: You know who doesn’t buy the left’s thesis that America is a racist country, hostile and dangerous for nonwhites? The millions of Africans who apply each year for a green card, writes Dave Seminara. opinion They are wrong. 3/5th human in the Constitution, Jim Crow, Police Brutality, Housing Covenents? It’s like me as a black American saying apartheid wasn’t that bad or genocide in Rwanda wasn’t that bad. This is an idiotic take. opinion Um what does the systemic racism directed at some Americans have to do with Africa. Would you stay in Europeans for something that afflicts white Americans. See your types are clueless about “systemic racism”. Stick to writing things you have experience of. opinion The people who don’t live in America, who currently live in war torn countries.... actually want to come to America?!? Take that lefties!