In the Matter of FCA US LLC, et al.
Admin. Proc. File No. 3-19541
On September 27, 2019, the Commission issued an order (the “Order”) simultaneously instituting and settling cease-and-desist proceeding against FCA US LL and Fiat Chrysler Automobiles N.V. (collectively, the “Respondents”). In the Order, the Commission found that from at least August 2012 to July 2016, FCA US, an automotive company, fraudulently misled investors about the number of new vehicles that it and its dealers sold each month to customers. The Respondents also failed to have a sufficient system of internal accounting controls relating to how new vehicle sales and dealer payments were recorded. The Order required the Respondents to pay a $40 million civil money penalty to the Commission. The Commission also created a Fair Fund (the “Fair Fund”), pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the civil money penalty can be distributed to harmed investors. See the Commission’s Order: Release No. 33-10706.
The Fair Fund consists of the $40 million paid by the Respondents.
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