United States Attorney for the Southern District of New York, Jay Clayton, and Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation, James C. Barnacle, Jr., announced on July 24 the unsealing of an indictment charging Michael Stamp and Marcus Plank with securities fraud. The charges stem from an alleged insider trading scheme in which Stamp and Plank used confidential information from their then-employer, Volkswagen Group, regarding a joint venture between Volkswagen and Rivian Automotive to make illegal profits.
Stamp and Plank were arrested on July 24 and are scheduled to be presented in U.S. District Court for the Northern District of California. The case has been assigned to U.S. District Judge Katherine Polk Failla.
“Michael Stamp and Marcus Plank’s alleged exploitation of their employer’s confidential information allowed them to make more than $300,000 in illegal profits,” said U.S. Attorney Jay Clayton. “When people misuse confidential information for their own financial gain, they undermine the principles that allow our markets to function fairly and efficiently. Insider trading is a crime that New Yorkers want pursued with vigor. Its effects ripple through the financial system, harming ordinary investors and eroding public confidence. Today’s charges underscore the commitment of this Office and our law enforcement partners to protecting the integrity of our markets and holding accountable those who choose to violate the law,” said U.S. Attorney Jay Clayton.
FBI Assistant Director in Charge James C. Barnacle, Jr., said, “The case of Michael Stamp and Marcus Plank shows the FBI’s commitment to protecting the integrity of our financial markets… The co-defendants are alleged to have engaged in insider trading for personal gain, and we will work with our partners to identify those who threaten the United States economic system.”
According to allegations contained in the indictment, between April and July 2024 Stamp and Plank traded securities based on nonpublic information about a multibillion-dollar joint venture between Rivian Automotive Inc. and Volkswagen Group while employed by a Volkswagen subsidiary on temporary assignment from Germany. After learning about ongoing negotiations regarding a potential joint venture through their positions at Volkswagen Group, they purchased options and equity positions in Rivian prior to any public announcement.
On June 25, 2025, Rivian Automotive Inc. publicly announced its joint venture with Volkswagen Group; Rivian’s share price rose by 23% following this announcement. Both defendants then sold their holdings: Stamp allegedly realized approximately $250,000 in profits; Plank realized at least approximately $50,000; additionally, a close family member of Plank made around $12,000.
Stamp searched “statute of limitations insider trading” eight days before news broke about the joint venture; after it was announced, one close family member searched—in German—“how is insider trading prosecuted?”
Stamp (31) and Plank (45), both residents of San Jose, California, are each charged with one count of conspiracy to commit securities fraud (maximum five years prison), one count of securities fraud under Title 15 (maximum twenty years prison), and one count of securities fraud under Title 18 (maximum twenty-five years prison). Sentencing will be determined by judicial discretion within statutory guidelines.
Clayton praised FBI efforts as well as assistance provided by U.S. Securities & Exchange Commission during the investigation.