A former Volkswagen executive has confessed to...

A former Volkswagen executive has confessed to a currency swindle that cost the company $266 million, according to West German authorities. Burkhard “Bobby” Junger, Volkswagen AG’s former head of foreign exchange, has been in custody since April. A spokesman for the Lower Saxony state justice ministry said Junger admitted to masterminding the fraud with Frankfurt foreign exchange broker Joachin Schmidt, clearing Hungarian National Bank of any involvement. An international warrant for Schmidt has been issued, but he has eluded authorities.