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Fiat fines $ 9.5 million for misleading investors: SEC



(Reuters) – Fiat Chrysler will pay a $ 9.5 million fine for resolving allegations they misled investors by not revealing that they only conducted a limited internal review of its compliance with emissions regulations, Securities and Exchange said Commission on Monday. [19659002] Fiat Chrysler, which did not acknowledge or deny errors in resolving the SEC probe, declined to comment on the fine stemming from the carmaker's diesel emissions scandal.

The Italian-American carmaker agreed to a settlement worth about $ 800. million to resolve allegations by the U.S. Justice Department and the California Air Resources Board (CARB) that it used illegal software that gave false results on diesel emission tests.

The SEC said in February 201

6 that Fiat Chrysler said it was conducting an internal audit. which confirmed that its vehicles complied with the emission regulations but did not adequately disclose the limited scope of its internal audit. At the time, engineers at the US Environmental Protection Agency and CARB had expressed concern to Fiat Chrysler about the emission systems of certain diesel vehicles.

Regulators in 2019 said that Fiat Chrysler used "defeat devices" to cheat emissions tests in the real world. driving.

The US government has increased compliance with vehicle emission regulations after Volkswagen AG deliberately agreed to avoid emission regulations in September 2015 and has now incurred more than $ 30 billion in penalties and other costs.

"At a time of increasing scrutiny of automakers' regulatory compliance, (Fiat Chrysler) provided misleading assurances to investors by not disclosing the limitations of its internal audit," said Joel R. Levin, Regional Director of the SEC Chicago Office, in a statement.

Fiat Chrysler said in July that it was in talks to resolve an ongoing criminal justice department of the Department of Justice in excess of diesel emissions.

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