SEC Charges BMW for Disclosing Inaccurate Retail Sales Info

The Securities and Exchange Commission said it settled charges against BMW AG and two of its U.S. subsidiaries for disclosing inaccurate and misleading information about BMW’s retail sales volume in the U.S. while raising about $18 billion from investors in several corporate bond offerings.

• Without admitting or denying the order’s findings, the three companies agreed to pay a joint penalty of $18 million and to cease and desist from future violations of these provisions, SEC said
• According to the SEC’s order, from 2015 to 2019, BMW inflated its reported retail sales in the U.S., which helped BMW close the gap ...