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.
In section Startups & Technology
Volkswagen engineers indicted for Rivian-linked insider trading scheme
Two Volkswagen engineers exploited confidential knowledge of a multibillion-dollar joint venture with Rivian to secure more than $300,000 in illegal market gains. Michael Stamp and Marcus Plank now face federal securities fraud charges after prosecutors unsealed an indictment detailing their preemptive stock acquisitions ahead of the project's public announcement.
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.
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