Volkswagen engineers indicted for Rivian-linked insider trading scheme

The scheme centered on “Project Climb,” a secretive collaboration between the German automaker and the California-based EV manufacturer. According to the U.S. Attorney for the Southern District of New York, Stamp and Plank purchased Rivian stock and options before the public disclosure of the $5 billion partnership on June 25, 2024. Following the announcement, which triggered a 23% surge in Rivian’s share price, the engineers liquidated their positions to capture profits totaling approximately $312,000.

Evidence cited in the indictment suggests the defendants were aware of the illicit nature of their trades. Prosecutors noted that Stamp performed internet searches regarding the statute of limitations for insider trading just eight days before the deal went public, while an associate of Plank researched prosecution methods for such crimes in German. Arrested in San Jose, the pair now faces up to 25 years in prison under the jurisdiction of U.S. District Judge Katherine Polk Failla.