DETROIT – BMW will pay an $18 million fine to settle allegations that it inflated its monthly U.S. sales numbers for five straight years.
The Securities and Exchange Commission said Thursday that the German luxury automaker kept a reserve of unreported sales that it drew on to meet monthly targets from 2015 to 2019.BMW disclosed the misleading information while raising about $18 billion in several corporate bond offerings, the agency said. “Companies accessing U.S.