The Volkswagen Diesel Disaster 2015: A Case Study of Corporate Fraud

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1 The Volkswagen Diesel Disaster 2015: A Case Study of Corporate Fraud DRI Collegiate Conference September 12, 2016 Chelsea Binns, PhD., CFE, PI

2 COLLEGE OF PROFESSIONAL STUDIES CRIMINAL JUSTICE, LEGAL STUDIES, AND HOMELAND SECURITY 3 Key Facts This fraud caused environmental harm and death. This fraud demonstrated that fraud is continuing despite anti-fraud regulations. This fraud illustrated how corporate culture can inhibit fraud reporting. 2

3 COLLEGE OF PROFESSIONAL STUDIES CRIMINAL JUSTICE, LEGAL STUDIES, AND HOMELAND SECURITY Introduction Major frauds are an important, yet sometimes overlooked aspect of business continuity. The recent case of major corporate fraud at Volkswagen exemplifies the risk that organizations face due to fraud. Case studies of major corporate fraud, such as Volkswagen, can be studied to inform future business continuity efforts. 3

4 My Story 4

5 The Reviews Long Volkswagen s best selling vehicle, the 2015 VW Jetta sedan gets even better this year If you re looking for an attractive and economical sedan that excels in the areas of performance, handling and attending to detail, the VW s Jetta sedan for 2015 should be at the top of your list. The availability of a diesel engine and a manual transmission further the Jetta s appeal. VW has been doing diesel longer than any of its competitors, and the current 2.0 liter TDI in the 2015 Jetta is simply the best we have tested to date. Source: Kelley Blue Book 5

6 The Reviews IMPORTANT NOTICE: Please be aware that this vehicle s diesel engine is involved in a Notice of Violation of the Clean Air Act issued by the EPA to Volkswagen for producing and selling 4-cylinder diesel cars that include a software device that circumvents EPA emissions standards for certain air pollutants. The EPA and California Air Resources Board (CARB) determined that these diesel cars emit up to 40 times more pollution than emission standards allow. Recalls, investigations and litigation are currently ongoing. Source: Kelley Blue Book 6

7 Marketing 7

8 Marketing 8

9 Marketing 9

10 Marketing 10

11 Marketing 11

12 The Volkswagen Group Source: 12

13 The Volkswagen Group Source: 13

14 ACFE Report to the Nations 2016 The longer a fraud lasted, the greater its financial damage. 2,410 cases, total loss: $6.3 billion Average loss per case: $2.7 million Median fraud loss and duration: $150K/18mos 23% of cases involved losses over $1 million Median loss-schemes lasting 5+ years: $850k Source: 2016 ACFE Report to the Nations 14

15 Source: Insurance Journal, June 27,

16 The Fraud VW promised clean diesel. VW intentionally installed defeat devices in their cars to cheat auto emissions regulations. Over 11 million vehicles, sold by VW and Audi between 2009 and 2015 with a 2.0-liter turbocharged diesel engine (TDI) were outfitted with defeat devices that turned on during clean air tests so cars met emissions standards. Consumers who believed they bought clean diesel cars instead purchased cars that polluted up to 40x above national standards, harming humans and the environment. Source: Phil LeBeau, CNBC, October 7, 2015; Megan Noonan, Vermont s Voice, January 21,

17 Timeline of Events May 2014: Researchers find that two Volkswagen diesels a 2012 Jetta and a 2013 Passat emit far more nitrogen oxide on the road than expected. They alert the Environmental Protection Agency (E.P.A.) and the California Air Resources Board (CARB). Until December, while regulators investigate, Volkswagen denies there is a problem and offers explanations why the road tests don't match expectations. Dec 2, 2014: Volkswagen begins a voluntary recall of about 500,000 vehicles in the United States. May-July, 2015: Through July, CARB performs followup tests and finds limited benefits from the recall. Aug 2015: E.P.A. says it won t certify VW s 2016 diesels until the company can explain the discrepancies. Source: NY Times 17

18 Timeline of Events Aug 18, 2015: A VW executive for the first time tells E.P.A. and CARB officials of the company's deceptions. Sept 2, 2015: The executive committee of Volkswagen s board recommends that Martin Winterkorn s contract as chief executive be extended. Sept 3, 2015: In a call with E.P.A. and CARB, VW officials detail how its cars contain a defeat device that cuts emissions when the car is being tested in a lab. Sept 18, 2015: The E.P.A. announces VW's violation and the news makes headlines worldwide. Sept 23, 2015: Mr. Winterkorn resigns, saying, as C.E.O., I accept responsibility" but adding that he is not aware of any wrongdoing on my part. Source: NY Times 18

19 Timeline of Events Sept 25, 2015: The board names Matthias Müller, from the company s Porsche unit, as chief executive. The company suspends several executives and announces a restructuring. Oct 23, 2015: Several VW board members describe learning of the violations not from company executives but from news reports. Source: NY Times 19

20 The Employees Source: Facebook: Time Magazine 20

21 The Employees 21

22 The Fraud 22

23 Management Source: New York Times, October 7,

24 Management Source: Financial Times, July 19,

25 The Crime Source: Financial Times, September 9,

26 The Fraud Source: The Economist, September 26,

27 The Cataclysmic Damage Shares have declined by 1/3 Facing billions of dollars in fines and penalties Regulatory investigations Lawsuits pending. 500,000 possible plaintiffs 450 lawsuits were consolidated in California On January 4, 2016, the U.S. Department of Justice filed a civil complaint against Volkswagen for clear air act violations Reputation damage Resignation of the CEO, Martin Winterkorn 27

28 The Fraud Source: CNBC, October 7,

29 The Fraud 29

30 Impact Source: USA Today, October 6,

31 Impact Source: Deutsche Welle (DW) German Cities Bemoan Loss of Taxes from VW. August 29,

32 The Owners The value of my vehicle declined. I was not allowed to return the vehicle under lemon law. I couldn t sell or surrender the vehicle, because it was illegal. According to experts, if I didn t pay, it would ruin my credit. 32

33 Settlement 33

34 Settlement Source: Federal Trade Commission (FTC) June

35 Compensation Source: Fortune, Hoakswagen March 15,

36 Status Source: Wall Street Journal, July 18,

37 Reputation 37

38 Stock Price 38

39 Lessons Learned Source: The New York Times, July 19,

40 Lessons Learned Source: The Wall Street Journal, Bernard Madoff 2009 Plea Allocution 40

41 Lessons Learned Source: Forbes, October

42 COLLEGE OF PROFESSIONAL STUDIES CRIMINAL JUSTICE, LEGAL STUDIES, AND HOMELAND SECURITY 3 Key Facts This fraud caused environmental harm and death. This fraud demonstrated that major frauds are continuing despite anti-fraud regulations. This fraud illustrated how corporate culture can inhibit fraud reporting. 42

43 Thank You Chelsea Binns, PhD, CFE, PI St. John s University College of Professional Studies Criminal Justice, Legal Studies and Homeland Security binnsc@stjohns.edu 43

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