Economy

Volkswagen executive pleads guilty in U.S. in diesel emissions scandal

Volkswagen executive pleads guilty in U.S. in diesel emissions scandal”

Volkswagen AG (VLKAY) executive Oliver Schmidt on Friday pleaded guilty in the U.S. District Court in Detroit in a scandal related to the German automaker cheating diesel emissions, Reuters reports. He is charged with conspiracy and fraud.

Schmidt would be the second VW employee to plead guilty, after former company engineer James Liang admitted a year ago to helping devise the defeat devices.

Five VW executives based in Germany were indicted along with Schmidt and a former Audi manager was charged last month. Schmidt agreed to be deported after he has completed his sentence, Cox said. He worked in VW's Auburn Hills offices from 2012 to February 2015.

Under the plea agreement, Schmidt is expected to serve up to seven years in prison and pay a fine of between $40,000 and $400,000 after he admitted that he plotted to mislead US regulators while violating clean air laws.

Schmidt is accused of telling regulators technical problems were to blame for the difference in emissions in road and lab tests. When the auto was driven by consumers and outside of tests, it did not perform to those standards.

Schmidt faces up to seven years in prison, said U.S. District Judge Sean Cox, with sentencing scheduled for December 6.

Cox in March denied Schmidt a pretrial bond release.

Schmidt had been arraigned Thursday on revised charges and stood mute to charges. It pleaded guilty in March and agreed to pay $4.3 billion in penalties, on top of billions more to buy back cars. His trial had been scheduled to begin in January 2018. The company was fined a record-setting $2.8 billion and faces three years of probation.

In 2015, VW admitted it had equipped about 11 million cars worldwide with defeat devices to evade emissions tests, including about 600,000 vehicles in the United States. Also charged: Heinz-Jakob Neusser, Jens Hadler, Richard Dorenkamp, Bernd Gottweis and Jürgen Peter, all of Germany. In September, Volkswagen engineer James Liang pleaded guilty for his role in implementing software that would cheat USA emissions tests. Numerous other managers charged are believed to be in Germany, making extradition to the United States unlikely.

Liang, 63, is scheduled to be sentenced August 25.



Like this

loading...
loading...

Latest


04 August 2017
Tiny mermaid house drifted 200 miles off coast of Florida
The Coast Guard found a dock floating in the Gulf of Mexico that had apparently drifted about 500 miles across the open water. Petty Officer Brandon Giles said authorities are no longer trying to find the owner and won't tow it to shore.

04 August 2017
South Africa 'Coffin Victim' Breaks Down In Court
Earlier on the State presented a two minute long video in which the pair asked Mlotshwa if he wanted to die slow or fast. The case has caused outrage in South Africa and highlighted racial tensions in the town's farming communities.

04 August 2017
ARGI Investment Services LLC Takes Position in Eli Lilly and Company (LLY)
The Altman Z-score depends on five financial ratios that can be calculated from data found on a company's annual 10K report. Calamos Advisors Llc increased Rovi Corp (Prn) stake by 21.81M shares to 29.31 million valued at $29.66 million in 2016Q4.

04 August 2017
Bandcamp Holds Fundraiser For Transgender Law Center
As with before, a great many labels and artists have agreed to also donate their share of profits for the day. The rest is up to you: peruse these Bandcamp pages, find a few new favorites, and do something good.

04 August 2017
Allscripts Announces Upward Adjustments To Non-GAAP Revenue Target For 2017
The current share price indicates that stock is -8.21% away from its one year high and is moving 30.76% ahead of its 52-week low. Media coverage about Allscripts Healthcare Solutions (NASDAQ:MDRX) has been trending positive recently, according to Accern.

04 August 2017
New Brunswick's jobless rate tumbles to 6.5% as thousands leave labour force
Nationally, the economy added almost 11,000 jobs last month to bring the unemployment rate down to 6.3%, from 6.5% in June. Full-time employment increased by 35,100 for the month while there was a decline in part-time employment of over 24,000.

04 August 2017
SBI debit cards now on Samsung Pay app
Samsung Pay consumers holding eligible SBI Debit Cards can avail a flat Rs 100 cashback on minimum transaction amount of Rs 500. However, some cards, including the RuPay debit cards, have not yet been configured for use in Samsung Pay.

04 August 2017
PM Modi hails efforts of Sadhu Vaswani foundation on health & education
Mr Modi praised Dada Vaswani for his selfless service to humanity. "I want to make an appeal to every NGO through this program". Modi highlighted the role being played by Dada Vaswani and the Sadhu Vaswani Mission for the welfare of the society.

04 August 2017
Blueknight Energy Partners LP, LLC (BKEP) Valuation According To Analysts
The Firm focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. Barclays Capital maintained the shares of NGL in report on Thursday, February 11 with "Equal-Weight" rating.

04 August 2017
Ralph Macchio to return for Karate Kid TV series at YouTube Red
LaRusso has been successful enough, but has felt his life losing balance after the loss of his mentor, Mr. The pair will address their past and present frustrations through, of course, karate.