Tagged: fraud

US Justice Department Said to be Investigating Wirecard in Alleged $100 Million Bank Fraud in Cahoots with Marijuana Firm

At a minimum, Wirecard AG (WDI:DE) has generated a good amount of fascinating, yet disappointing news, as the once high-profile Fintech plunged into bankruptcy. Today, according to WSJ.com, the US Department of Justice is investigating allegations of bank fraud surrounding a cannabis-focused company. While details… Read More

Wirecard Insolvency Administrator Says there are Over 100 Interested Parties for Core Business and Associated Companies

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

Dubai based Wirecard Executive Arrested, More May Follow

Multiple reports indicate that Wirecard’s (WDI:DE) top person in Dubai has been arrested. According to Reuters, the Munich prosecutor “questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.” The unnamed executive reportedly… Read More

Jan Marsalek, Wirecard Former COO, May Have Not Gone to Philippines, Still on the Lam

Jan Marsalek, the former COO of Wirecard AG (WDI:DE) who was fired from his job when €1.9 billion went missing, may have never traveled to the Philippines in late June as records he entered the country were apparently faked, according to a report by Reuters. Marsalek pulled… Read More

Singapore Investigates Two Firms for Falsification of Accounts in Regards to Wirecard Fraud

Wirecard AG (WDI:DE), once a prominent payments Fintech and now a financial debacle due to allegations of massive fraud, continues to try and find a way to survive. Meanwhile, shares in the firm have tanked dropping from over €100/share to now around €3/share as the… Read More

Crypto Industry Slams Wirecard and Misplaced Funds: “You don’t get what you expect. You get what you inspect.” 

Wirecard AG (WPI:DE)  has emerged as one of the most embarrassing financial debacles in years in Germany. The implosion of the Fintech has demolished the reputation of the former CEO Markus Braun who was subsequently arrested following the revelation of €1.9 billion in missing funds…. Read More

German Financial Reporting Enforcement Panel Defends Actions in Wirecard Collapse

The German Financial Reporting Enforcement Panel or Deutsche Prüfstelle für Rechnungslegung (DPR) has issued a statement defending its actions in the ongoing Wirecard (WPI:DE) scandal. It was recently reported that the German government had terminated its contract with the DRP, private entity contracted by the… Read More

Wirecard Officially Terminates Employment Contract of Former CEO Markus Braun

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

Who Benefits from Wirecard’s Collapse? Short Sellers and Hedgies that Bet Against the Firm

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

UK FCA Halts Wirecard’s Regulated Activities, Fintechs Scramble to Adapt, German MPs Call for an Inquiry into Wirecard’s Collapse

  On June 26, the UK Financial Conduct Authority (FCA) imposed several “requirements” on Wirecard‘s (WDI:DE) activities in the UK. The move was in response to Wirecard’s missing €1.9 billion in funds along with allegations of fraud and other nefarious activities. After an audit uncovered… Read More

Collateral Damage: German Government Terminates Relationship with the Financial Reporting Enforcement Panel

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

How Low Can it Go? Shares in Wirecard Hover Around €1, Board States Business Activities Will Continue

  The Wirecard AG (WDI:DE) saga has gone from bad to worse as allegations of profound fraud cratered the company when its auditor, EY, uncovered a misplaced €1.9 billion in funds. Since the clear operational failure, the former CEO, Markus Braun, has been arrested and… Read More

Jack Abramoff, Marcus Andrade Charged by SEC with Fraudulent Unregistered Digital Asset Offering, AML Bitcoin

Jack Abramoff is making headlines once again. The notorious political lobbyist has been charged with fraud by the Securities and Exchange Commission (SEC) in an unregistered offering of AML Bitcoin (ABTC). Abramoff, along with NAC Foundation (National Aten Coin) and its CEO Marcus Andrade allegedly… Read More

Wirecard Bankrupt – Once High Flying Fintech Files for Insolvency Over Missing €1.9 Billion

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

Former Wirecard COO May Have Absconded to the Philippines – Report

The collateral damage of the alleged Wirecard (WDI.DE) fraud will not be fully understood for weeks or months. Earlier this week, disgraced former CEO Markus Braun was arrested by Munich Police. He was soon back out on the street after ponying up a €5 million… Read More

SEC: Final Judgement Received in Alleged Fraudulent Initial Coin Offering by Eran Eyal

The Securities and Exchange Commission (SEC) has obtained a final judgment in an enforcement action against Eran Eyal, the founder and former chief executive officer of UnitedData, Inc., DBA Shopin, for conducting an allegedly fraudulent initial coin offering (ICO). Towards the end of 2019, the… Read More

Visa Unveils Advanced Identity Score to Help Financial Institutions Prevent New Account Fraud

Visa Inc. (NYSE: V) announced on Monday it has launched a digital tool, Advanced Identity Score, to help U.S. financial institutions with their efforts to combat new account fraud. According to Visa, Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with… Read More

Enforcement Friday: SEC Issues Emergency Halt to Cryptocurrency Fund Operated by 2 Pennsylvania Brothers

The Securities and Exchange Commission (SEC) has filed an emergency action to halt Pennsylvania-based brothers Sean Hvizdzak and Shane Hvizdzak and a digital asset fund. The Hvizdzaks operated several companies: Hvizdzak Capital Management LLC; High Street Capital LLC; High Street Capital Partners, LLC . Each… Read More

Following Audit Questions, Wirecard CEO Markus Braun Resigns Effective Immediately

Markus Braun has resigned his position as CEO of Wirecard AG  (WDI.DE), effective immediately.  The news came the day after the company posted that it could not account for €1.9 billion and the auditor, EY, claimed there had been attempts to deceive its work. Yesterday,… Read More

OSC Documents the Demise of QuadrigaCX Crypto Exchange: Most Losses Came from Gerald Cotten’s Fraudulent Trading

One Big Crypto Ponzi Scheme Last week the Ontario Securities Commission (OSC) published a report documenting the collapse of QuadrigaCX, a crypto-exchange operated Gerald Cotten who reportedly died taking the crypto exchange to the grave. The review by the OSC staff disclosed that the failure… Read More

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