22 Articles
Sep 27, 2019 Auctions
75 fine cars seized from Equatorial Guinea president's son go to auction

Ferraris, Lamborginis, Bentleys, Rolls-Royces are spoils of a corrupt regime

A collection of luxury cars confiscated by Geneva authorities from a son of the president of Equatorial Guinea is estimated to fetch 18.5 million Swiss francs ($18.67 million) this weekend, Bonhams auction house said on Friday. Swiss prosecutors said in February that they had closed an inquiry into Teodoro Nguema Obiang for money-laundering and misappropriation of public assets with an arrangement to sell the cars to fund social programmes in the former Spanish colony. Twenty-six Ferraris, Lam

Reuters
Sep 27, 2019 Official
Fiat Chrysler to pay $40 million fine for inflating sales numbers

SEC says FCA paid dealers to fake sales data over a five-year period

Fiat Chrysler is paying $40 million to settle with U.S. securities regulators who say the automaker misled investors by overstating its monthly sales numbers over a five-year period. Fiat Chrysler agreed to pay the civil penalty and to stop violating anti-fraud, reporting and internal accounting control regulations, the SEC said Friday in a statement. "This case underscores the need for companies to truthfully disclose their key performance indicators," Antonia Chion, associate director in the

Greg Rasa
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