Fiat Chrysler to pay $9.5 million penalty to settle SEC probe

Rodolfo Schellin

WASHINGTON — Fiat Chrysler Automobiles will pay back a $9.5 million civil penalty to settle allegations it misled buyers by not disclosing that it performed only a minimal inner overview of its compliance with emissions restrictions, the major U.S. securities regulator reported Monday.

Fiat Chrysler, which did not confess or deny wrongdoing to take care of the Securities and Trade Commission probe, declined to remark on the fine that stems from the automaker’s diesel emissions scandal.

The Italian-American automaker in January 2019 agreed to a settlement really worth about $800 million to take care of statements from the U.S. Justice Division and California Air Means Board that it utilised unlawful computer software that made phony results on diesel-emissions assessments.

The SEC reported in February 2016 that Fiat Chrysler reported it performed an inner audit that verified its vehicles complied with emissions restrictions but did not adequately disclose the minimal scope of its inner audit. At the time, engineers at the EPA  and CARB had elevated fears to Fiat Chrysler about the emissions units in some diesel vehicles.

Regulators in 2019 reported Fiat Chrysler utilised “defeat devices” to cheat emissions assessments in authentic-globe driving.

The U.S. authorities has stepped-up enforcement of auto emissions principles following Volkswagen Group admitted in September 2015 to deliberately evading emissions principles and has now incurred much more than $thirty billion in penalties and other expenses.

“At a time of heightened scrutiny of automakers’ regulatory compliance, (Fiat Chrysler) provided misleading assurances to buyers by not disclosing the restrictions of its inner audit,” Joel R. Levin, regional director of the SEC’s Chicago business office, reported in a statement.

Fiat Chrysler reported in July it was in talks to take care of an ongoing Justice Division felony probe into the surplus diesel emissions.

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