Former Volkswagen Engineers Deny Insider Trading Charges

Two former Volkswagen automotive engineers — Michael Stamp and Marcus Plank — appeared in U.S. federal court in Manhattan, New York, on August 4 to enter not-guilty pleas to insider trading charges brought by the U.S. Department of Justice.

Prosecutors allege the defendants used their positions to obtain confidential information about a planned $5 billion joint venture between Volkswagen Automotive and electric vehicle manufacturer Rivian Automotive, then traded stocks based on that non-public information. The partnership was officially announced on June 26, 2024, triggering a 23% surge in Rivian's stock price that day. According to the U.S. Department of Justice, Stamp profited $250,000 and Plank $50,000; Plank is also accused of sharing the information with a family member, who reportedly earned $12,000.

Stamp, aged 31, and Plank, aged 45, were both stationed in San Jose, California, as expatriate employees dispatched from Volkswagen's German headquarters. Both have been released on $500,000 bail but face up to 25 years in prison if convicted of the most serious charges — including conspiracy and securities fraud.

At the August 4 hearing, Stamp's defense attorney told the judge his client is likely to relocate to the New York area pending trial, which is expected to begin in early 2027. Stamp has since lost his job due to the case and is currently residing in a short-term apartment in New York, sharing accommodations with others.

The case is docketed as US v. Stamp, 26-cr-316, before the U.S. District Court for the Southern District of New York.