Source: CNBC
Summary
The US Securities and Exchange Commission (SEC) has charged three former Volkswagen Group engineers with insider trading ahead of Rivian’s initial public offering (IPO) in 2021. The indictment alleges that the engineers used confidential information to buy Rivian stock, which they later sold for a profit. The SEC said the engineers made over $400,000 in illegal profits. The charges were unsealed on Friday.
Our Reading
The announcement sounds ambitious.
Volkswagen engineers allegedly used insider info to buy Rivian stock. Because who needs a 401k when you have confidential information? The SEC says they made over $400,000 in profits. Just another day in the world of high-stakes investing. Or, you know, just another example of “smart investing.” Rivian’s IPO was in 2021, but we’re just hearing about it now. Timing is everything, right?
Author: Evan Null
