German luxury car maker Bayerische Motoren Werke AG has agreed to pay $18 million to the Securities and Exchange Commission to settle claims that BMW and two of its U.S. units had disclosed misleading sales figures.
The regulator found that the Munich-based auto maker had provided inaccurate information regarding its U.S. retail sales while raising roughly $18 billion from bond investors. Between 2015 and 2019, BMW had boosted sales figures by having dealers register cars as sold when the vehicles were still on the lots, the…
