After 10 months of investigation and evidence collection, the case of BMW's sales fraud in the United States has finally come to an end.
According to foreign media reports, recently, the US Securities Exchange (SEA) announced that,BMW and its two U.S. subsidiaries have agreed to pay $18 million (120 million yuan) in fines to settle charges that they disclosed misleading sales data.
BMW and its two subsidiaries raised about $18 billion from their investments by issuing corporate bonds using misleading information, the SEC said in a statement.
BMW exaggerated U.S. retail sales from 2015 to 2019, the SEC said,This has helped BMW narrow the gap between its actual retail sales and its internal targets and maintain its leading position relative to other competitors.
It is reported that the SEC launched an investigation into BMW at the end of last year. Nearly 10 months after the investigation, BMW was fined $18 million.
It's worth mentioning that this is not the first time BMW has made sales fraud.