Tagged: bankruptcy

July 23, 2020 @ 5:46 pm By JD Alois  |  

Wirecard (WDI:DE), once a Fintech darling that fell through the regulatory cracks and now is one of the biggest financial debacles ever in Germany, is compelling public officials to revamp their approach to compliance and oversight. According to a report in Suddeutsche Zeitung, German Finance… Read More

July 22, 2020 @ 2:22 pm By JD Alois  |  

The odyssey of the collapse of Wirecard (WDI:DE) continues to generate headlines as investigators sort through the rubble of the once prominent Fintech. The news has been flowing at a steady pace as pieces of the puzzle are added to Wirecard’s saga as authorities seek… Read More

July 18, 2020 @ 12:54 pm By JD Alois  |  

A former Wirecard (WDI:DE) executive who was based in Dubai but returned to Germany and was quickly arrested wants to cooperate with investigators according to multiple reports. The unnamed individual was previously CEO of Cardsystems Middle East an entity that reportedly generated the bulk of… Read More

July 15, 2020 @ 9:08 am By Omar Faridi  |  

UK-based Lendy, a peer to peer (P2P) lender that shut down in 2019 and went into administration, was requiring previous investors to pass certain anti-money laundering (AML) checks again, before they qualify to get refunds. Administrators of the bankrupt P2P lender have revealed that the… Read More

July 7, 2020 @ 3:58 pm By JD Alois  |  

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun,… Read More

June 30, 2020 @ 1:56 pm By JD Alois  |  

Wirecard AG (WDI:DE) has posted a notice today that it has officially terminated the employment contract of Dr. Markus Braun who resigned earlier this month following the revelation of £1.9 billion in missing funds. Braun has since been arrested on fraud charges. Currently, he is… Read More

June 30, 2020 @ 8:44 am By JD Alois  |  

Investors who bet against Wirecard AG (WDI:DE) are poised to collect on their bets. Wirecard filed for bankruptcy last week following the announcement the Fintech had misplaced €1.9 billion. The aftershocks of the announcement saw the CEO resign and then arrested. The former COO is on… Read More

June 28, 2020 @ 5:01 pm By JD Alois  |  

The German government has terminated a relationship with the Financial Reporting Enforcement Panel or “Deutsche Prüfstelle für Rechnungslegung” (DPR) in the wake of the fallout of the Wirecard (WDI:DE) scandal, according to a report in the Suddeutsche Zeitung. The DPR is an entity that has… Read More

June 25, 2020 @ 7:35 am By JD Alois  |  

Wirecard (WDI.DE) has filed for insolvency following a report €1.9 Billion had gone missing. Shares in Wirecard collapsed on the news trading at around €2.50 a share. It was only last week that shares in Wirecard traded at over €100 a share. Wirecard joined the… Read More

June 20, 2020 @ 3:37 pm By JD Alois  |  

This week, the administrators unraveling the collapse of peer to peer lender Lendy, which failed in 2019, announced an unsettling bit of information regarding suspect payments to two former Lendy Directors: Liam Brooke and Tim Gordon. According to a document posted on the Lendy website,… Read More

June 10, 2020 @ 8:22 pm By JD Alois  |  

Peer to peer lenders, Envestio and Kuetzal, have both filed for bankruptcy according to publicly available information. Last January, Crowdfund Insider reported that Envestio and Keutzal were both under duress with some observers calling the online lenders scams. Soon both peer to peer lenders had… Read More

May 13, 2020 @ 3:25 pm By JD Alois  |  

In a document posted by EY Canada yesterday,  the bankrupt crypto exchange QuadraCX trustee posted a document indicating 16,959 individual claims for the crypto and money. Most of the funds were vaporized when founder and CEO Gerald Cotten died without sharing passwords to the accounts… Read More

December 16, 2019 @ 11:46 am By Cali Haan  |  

Representatives from Grant Thornton have published their Liquidator’s Second Report regarding collapsed New Zealand cryptocurrency exchange Cryptopia. Just prior to its dissolution in May, Cryptopia had over 2.2 million registered users worldwide and 37 employees, Grant Thornton (GT) claims. Hackers are believed to have stolen… Read More

September 5, 2019 @ 2:36 pm By JD Alois  |  

uBiome, once a Biotech darling that popularized its concept on the pages of pretail e-commerce site Indiegogo and then listed an investment opportunity on Angellist, has filed for bankruptcy according to public documents. Back in 2015, uBiome pitched the concept of sequencing an individual’s microbiome… Read More

April 25, 2019 @ 12:56 pm By JD Alois  |  

A report in the Times asks pointed questions regarding a crowdfunding campaign by Recruitive Software that may have failed to disclose material information regarding the firm while the securities offering was ongoing. The Times states: “A collapsed software developer failed to disclose that it had… Read More

December 14, 2018 @ 1:19 pm By JD Alois  |  

In a press release posted this week, Dooga Ltd., doing business as Cubits, announced it was seeking bankruptcy protection as the firm entered administration. The company said more information was available on their website which simply generated a 500 error. According to the company, Dooga… Read More

November 22, 2018 @ 4:30 pm By Cali Haan  |  

A large cryptocurrency mining company based in Washington State filed for bankruptcy Monday, Wenatchee World (WW) reports. The company is reportedly also facing eviction in Douglas County, and, “The Port of Douglas County also started the eviction process…” According to WW: “The company filed for Chapter 11 protection… Read More

October 20, 2018 @ 8:29 am By Therese Torris  |  

French peer to peer lender Unilend has gone into receivership. The P2P lender announced the news to all of its customers in a recent email. Founded in 2013 by Nicolas Lesur and François Prioux, Unilend pioneered P2P lending in France. It started operating, before crowdfunding… Read More

October 19, 2018 @ 8:05 am By JD Alois  |  

The Financement Participatif France (FPF), the French Crowdfunding Association, has published an interesting blog post this week. According to the FPF, there are rumors which have been published about a distressed online lending platform. The FPF does not mention any platform names. Today, there are over 60… Read More

September 25, 2018 @ 4:51 pm By JD Alois  |  

Mt. Gox, the infamous cryptocurrency exchange (really a Bitcoin exchange) that went bankrupt in 2014 due to mismanagement and theft, is getting closer to settling at least some of the claims that stand against it. Today, the bankruptcy trustee published a document indicating BTC 24,658.00762 and BCH … Read More