Fiat Chrysler agreed to a $40 million fine to settle charges that it lied to investors for years about how many cars it was selling.
The cooking of sales figures took place between 2012 and 2016 with the help of a database of unreported sales known internally as the"cookie jar," according to a statement Friday from the Securities and Exchange Commission. The automaker did not admit to or deny any wrongdoing as part of the settlement. But the SEC says Fiat Chrysler falsely claimed that it had a prolonged period of sales growth when the streak of sales gains it was bragging about each month was a myth.
It boasted it was"not an inconsequential feat" and"a symbol of our continuing success in the marketplace," according to the SEC order in the case. The agency cited media reports in which the streak was described as"a stunning record,""jaw-dropping," and"incredible.
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