[WASHINGTON, D.C.] – U.S. Senators Richard Blumenthal (D-CT) and Edward J. Markey (D-MA) issued the following statement today after the Securities and Exchange Commission charged Volkswagen, two of its subsidiaries, and its former CEO Martin Winterkorn with defrauding investors and underwriters in connection with its multi-year effort to circumvent U.S. emissions standards:


“We applaud the SEC for acting to hold VW and its CEO responsible for knowingly cheating consumers and investors, and polluting our environment. We can only effectively deter corporate wrongdoing when federal agencies tasked with conducting rigorous oversight do their job, and take aggressive enforcement action against bad actors. Holding top executives culpable will send a clear warning to corporate America: If you skirt the law or defraud and deceive customers and investors, you will pay a hefty price.”