DOJ Charges VW Engineers in Rivian JV Insider Trading Case
28 Jul 2026
DOJ Charges Two Volkswagen Engineers With Insider Trading Tied to Rivian Joint Venture
The U.S. Department of Justice has charged two Volkswagen engineers, Michael Stamp and Marcus Plank, with securities fraud in connection with alleged insider trading tied to Volkswagen's joint venture with Rivian. The indictment was unsealed Friday by the U.S. District Attorney for the Southern District of New York.
What happened
According to the report, Stamp and Plank allegedly used confidential insider information related to the Volkswagen-Rivian joint venture — internally codenamed "Project Climb" — to make more than $300,000 in profits from trading Rivian stock.
The joint venture was announced on June 25, 2024, and Rivian's stock rose 23% following that announcement. Volkswagen initially committed $5 billion to the partnership, a figure that has since grown to $5.8 billion. Volkswagen is now Rivian's largest shareholder.
Of the alleged profits:
- Stamp realized about $250,000 from selling Rivian positions
- Plank realized about $50,000
- A close family member of Plank's realized about $12,000
If convicted of federal securities fraud, Stamp and Plank face up to 25 years in prison.
U.S. Attorney Jay Clayton said insider trading's effects "ripple through the financial system," harming ordinary investors and eroding public confidence — a statement that underscores the DOJ's broader enforcement posture on cases involving material nonpublic information.
What we don't know yet
Several details remain unclear, per the report:
- The exact date of the indictment beyond "Friday"
- Whether Stamp and Plank have entered pleas or retained legal counsel
- The specific insider information allegedly used
- Whether Volkswagen or Rivian have issued statements or taken internal disciplinary action
- The precise role of Plank's family member in the alleged scheme
- Whether the SEC or other regulators are pursuing parallel civil charges
Why founders should care
This case is likely to draw continued scrutiny to how joint ventures between large corporations and startups manage confidential information — and founders operating similar partnerships should take note.
- Compliance exposure is real for JV structures. The scale of this partnership — now $5.8 billion — suggests that large corporate-startup joint ventures may increasingly attract regulatory and market attention, not just from investors but from federal prosecutors.
- Enforcement risk extends to employees, not just executives. The charges against two engineers — not senior leadership — indicate that anyone with access to material nonpublic information within a joint venture could plausibly face liability if that access is misused.
- Information-control policies deserve a fresh look. Startups structuring information-sharing protocols with public-company partners may want to treat this case as a reference point for tightening insider-trading safeguards, particularly around who has access to deal-stage details before public announcements.
The bigger picture
As the case proceeds through the Southern District of New York, it carries reputational risk for both Volkswagen and Rivian, and could invite further scrutiny of joint venture governance and compliance practices. There's also potential for additional charges or related investigations if prosecutors uncover broader patterns of insider information flow within the partnership.
On the flip side, the report notes this could push more companies with joint ventures to strengthen insider-trading compliance programs — a development that, while reactive, may ultimately benefit founders navigating similar corporate partnerships by clarifying expectations around information handling.
No conflicting details were identified across the sources reviewed for this report.