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BMW Allegedly will pay a fine of જે 18 million for allegedly paying her monthly U.S. Sales numbers have been increased for five years.
This Security and Exchange Commission German luxury auto Tomaker has reserved unproported sales to meet monthly targets from 2015 to 2019, it said on Thursday.
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BMW disclosed misleading information when several corporate bonds raised about 18 18 billion in farings, the agency said.
“Companies entering US markets have a responsibility to provide accurate information to investors in order to raise capital,” said Stephanie Awakian, director of the SEC’s enforcement division, in a statement.
The move helped BMW maintain its leading retail sales position among other luxury automakers, the agency said.
According to the SEC, BMW of North America also improperly adjusted its sales reporting calendar in 2015 and 2017 to meet the internal targets or for additional sales of the bank for use in future months. The reserve for unplanned sales was internally referred to as a “bank,” the agency said. BMW also paid dealers to hire vehicles as demonstrators or lenders so they could be treated as sales.
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The SEC said BMW co-operated in its investigation because a coronavirus outbreak forced it to close offices and forced workers to stay at home. Collaboration was taken into account when the fine was imposed, the agency said.
BMW AG, BMW North America and BMW US Capital did not accept or reject the agency’s findings. All three agreed to pay fines and stop violating securities laws.
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In a statement, BMW said most of the conduct took place more than three years ago, and that it was due to negligence. The company said in a statement that “no BMW ant has been found to be involved in intentional misconduct.” The BMW Group attaches great importance to the accuracy of its sales statistics and will continue to focus on complete and consistent sales reports. ”
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BMW is the second automaker in recent years to face fines for spreading sales figures. Last year Fiat Chrysler agreed to pay $ 40 million to redress the SEC complaint, alleging that the company had misled investors by increasing its monthly numbers over a five-year period. The SEC said in the complaint that the company had boosted sales between 2012 and 2016 by paying dealers to report fake numbers.
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