Jail Time for Market’s Supervillain
The U.S. District Court in Detroit just sentenced the Volkswagen executive who tried to cheat environmental regulations.
Oliver Schmidt was sentenced to seven years in the clink and $400,000 in fines.
Schmidt masterminded the software that hid Volkswagen vehicles’ true emissions data from regulators.
Despite a claim that he was simply following management’s “script,” the judge hit him with the maximum sentence. Reports The Verge:
[Schmidt] argued that he was following a script written by the company’s management and one of its lawyers when he lied to the California Air Resources Board about the compliance of VW’s cars with U.S. regulations and that he had come on board after the scheme was devised.
Of course, sadly, no one can put money back into the pockets of shareholders.
Given such a reality, trusting the ethics of a company’s executives becomes a risk we assume as investors.
But one man I trust implicitly is Jim Rickards, and his latest opportunity is truly mind-blowing.
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