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SEC: BMW to pay $18M penalty for inflating monthly sales figure
• SEC announces settlement of charges against BMW for disclosing inaccurate and misleading monthly retail sales volume to bond investors. The violating companies BMW AG, BMW NA and BMW US Capital agreed to pay a joint penalty of $18M.
• From 2015-2019, BMW inflated its reported retail sales in the U.S., which helped BMW close the gap between its actual retail sales volume and internal monthly sales target, according to SEC report.
• With inflated numbers, the company raised approximately $18B from investors in several corporate bond offerings.
• The order also finds that BMW NA paid dealers to inaccurately designate vehicles as demonstrators or loaners so that BMW would count them as having been sold to customers when have had not been.
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Originally Posted by TurtleBoy
He tries to draw people into inane arguments, some weird pastime of his.
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