Insider Info
Rivian recently got a $5 billion injection thanks to a new joint venture agreement with Volkswagen, and that’s great news for the electric automaker. With the agreement finalized on June 26, 2026, VW will aid Rivian in a slowing EV market by providing a lifeline for the brand moving forward.
That’s great news for Rivian, but not so great news for two former VW engineers who took advantage of their position for profit. These two former employees were arrested by federal prosecutors for insider trading.
Jared Rosenholtz/Autoblog
Okay Google, What’s Insider Trading?
Reported by Auto News, the feds released an indictment on July 24, 2026, charging Michael Stamp and Michael Plank, the two former Volkswagen engineers who had insider info about the deal and acted upon it accordingly. Prosecutors stated that after Volkswagen and Rivian cemented their agreement, Stamp made $250,000 after Rivian’s stock price went up by 23%. As for the other, Plank was able to make $50,000 and is also accused of giving information to one of his family members, who made $12,000 thanks to Plank’s tip.
Prosecutors also found out that these two former VW engineers searched “statute of limitations insider trading” on Google eight days before the joint venture was announced. On top of that, Plank’s family member also searched “how is insider trading prosecuted” after the announcement.
That search helped seal the deal for prosecutors against the two former VW engineers. The two Michaels were implicated in an indictment released on July 24, 2026, by the feds.
Rivian
Nabbed via Browser History
“When people misuse confidential information for their own financial gain, they undermine the principles that allow our markets to function fairly and efficiently,” said Jay Clayton, a Manhattan U.S. Attorney. He continued: “Insider trading is a crime that New Yorkers want pursued with vigor.”
As such, Stamp, now 31 years old, and Plank, now 45 years old, both living in San Jose, California, were both charged with conspiracy and securities fraud. If convicted, they can face up to 25 years in prison for this Rivian deal.
Rivian
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