BMW settles charges of providing misleading sales information to bond investors – U.S. SEC

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING
FILE PHOTO: The BMW logo is seen on a vehicle at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 29, 2018. REUTERS/Shannon Stapleton

WASHINGTON (Reuters) – Germany-based automaker BMW AG BMWG.DE and two of its U.S. subsidiaries have settled charges that they disclosed inaccurate and misleading information about BMW’s retail sales volume in the United States while raising approximately $18 billion from investors in corporate bond offerings, the U.S. Securities and Exchange Commission (SEC) said on Thursday.

Without admitting or denying SEC’s findings, BMW and the two subsidiaries agreed to pay a joint penalty of $18 million and to cease and desist from future violations of these provisions, the commission said in a statement.

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