© 2024 Michigan State University Board of Trustees
Public Media from Michigan State University
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations
TECHNOTE: 90.5 FM and AM870 reception

Fiat Chrysler To Pay $40M Fine For Overstating Sales Numbers

Fiat Chrysler
Fiat Chrysler Automobiles
/
Facebook

Fiat Chrysler has agreed to pay $40 million to settle a complaint by securities regulators that it misled investors by overstating monthly sales numbers.

The U.S. Securities and Exchange Commission says the company inflated sales by paying dealers to report fake numbers between 2012 and 2016.

The agency says FCA bragged about a streak of year-over-year sales increases when the streak was broken in September of 2013.

It says Fiat Chrysler kept a database of actual but unreported sales, and dipped into that when the streak would have ended or the company would have missed other sales targets.

The company says it has reviewed and refined its sales reporting procedures and is committed to strong controls. FCA says the payment will not have a large impact on its financial statements.

Related Content
To help strengthen our local reporting as WKAR's fiscal year ends, we need 75 new or upgraded sustainers by June 30th. Become a new monthly donor or increase your donation to support the trustworthy journalism you'll rely on before Election Day. Donate now.