Fiat Chrysler fined by SEC over payments to dealers to inflate sales figures
The Securities and Exchange Commission settled charges with automaker FCA US LLC, and its parent company, Fiat Chrysler Automobiles N.V., FCAU, -0.62% for misleading investors about the number of new vehicles sold each month to customers in the United States.
FCA US and Fiat Chrysler Automobiles did not admit or deny the allegations but agreed to pay $40 million to settle charges that between 2012 and 2016, Fiat Chrysler inflated new vehicle sales results by paying dealers to report fake vehicle sales and maintaining a database of actual but unreported sales, which employees often referred to as a "cookie jar.
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