FBI arrests Volkswagen executive for fraud

Oliver Schmidt, arrested by the FBI.

The Federal Bureau of Investigation arrested a Volkswagen AG executive on charges of conspiracy to defraud the U.S., the media reported on Monday.

Oliver Schmidt, who headed the company’s regulatory compliance office in the U.S. from 2014 to march 2015, was arrested on Saturday by federal investigators in Florida.

Schmidt is expected to be brought before the court on Monday.

A South Korean court convicted an executive of the company’s local unit on Jan. 6 for document fabrication, obstruction of work and the violation of an environment law.

Volkswagen U.S. and the FBI were not immediately available for comment.