20:
2865:
276:. Early criticisms were directed towards Wirecard's purchases of smaller businesses at significantly above market value. In 2015, Wirecard purchased an Indian payments group for €340m, despite the founders of those businesses failing to raise funding while valuing their key assets at €46m. Wirecard responded to the reports by claiming that its payment technologies were superior and arguing that the rapid growth of the cashless
253:'s public relations agency in London. Later in 2015, J Capital Research published a report that recommended shorting Wirecard's stock, as it saw the company's Asian operations to be much smaller than claimed. In 2016, a critical report published by a previously unknown entity named Zatarra Research led to share price crashes, prompting BaFin to launch an investigation into possible
484:
announced that it would organise an inquiry in order to fully investigate the reasons why the government failed to prevent corporate fraud. The scandal has highlighted the close ties between German politicians and
Wirecard. On 29 January 2021, Hufeld and deputy Elisabeth Roegele left BaFin as part of
360:
BaFin conducted multiple investigations against journalists and short sellers because of alleged market manipulation, in response to negative media reporting about
Wirecard. BaFin lacked the authority to investigate Wirecard's core business or its accounting practices, and in fact, only had authority
297:
reported on irregularities uncovered by
Wirecard's Singapore investigation, which began in March 2018 internally but a whistleblower feared was being squashed. Edo Kurniawan, head of accounting for Wirecard's Asian-Pacific operations, was accused of creating forged and backdated contracts in order to
244:
reported what it saw as a significant gap between the short-term assets and liabilities in
Wirecard's payment business. This was a result of Wirecard's taking only a small commission from its payment processing volume, and the transient payment flow through Wirecard's accounts was adjusted to reflect
284:
In 2018, the
Southern Investigative Reporting Foundation (now the Foundation for Financial Journalism) concluded after a seven-month investigation that according to documents filed, at least €175m from Wirecard's €340m purchase of an India-based payment processor in October 2015 were not transferred
222:
Wirecard's combined banking (through its subsidiary
Wirecard Bank) and non-banking (mainly payment processing) operations make its financial results harder to compare with peers, so investors had to rely on adjusted versions of the financial statements of the company. The "adjusted" accounts, unlike
476:
noted that FREP only had 15 employees and an annual budget of €6m. FREP was thought to be too under-resourced to adequately audit
Wirecard, and only concluded that the published accounts were inadequate after the company became insolvent. Investors joined calls for union-wide regulation of market
457:
With respect to criticisms against
Wirecard, a set of smaller investors has long been supportive of the company by joining in both the company's and regulator's accusations against short sellers and market manipulation. Critics cite the German regulator, press and investor community's tendency to
372:
failed to verify the existence of cash reserves in what appeared to be fraudulent bank statements. KPMG was unable to verify the majority of
Wirecard profits from 2016 to 2018 as part of its audit due to a lack of cooperation from Wirecard and its partners. During the special audit, Wirecard made
351:
colluded with short sellers, which the newspaper rejected after an investigation by an external law firm. And while prosecutors did not name his clients directly, the convicted felon Aviram Azari, a private detective caught in hacking-for-hire schemes, had targeted companies critical of
Wirecard.
346:
Wirecard had a pattern of unusually aggressive tactics towards those who raised questions about the company's business operations or accounting. In 2019, the company hired former head of Libyan foreign intelligence Rami El Obeidi to conduct sting operations against journalists and public short
322:
Third-party acquirers are local companies who processed client transactions on behalf of Wirecard in exchange for a portion of the processing fees. According to Wirecard, they are used in transactions where Wirecard does not hold the necessary license, or when the nature of the transaction is
471:
After initially defending BaFin's actions, its president Felix Hufeld later admitted the Wirecard scandal was a "complete disaster". In response, the European Commission called for an investigation into whether BaFin broke EU rules on financial reporting. Berlin announced plans to strengthen
330:
According to internal whistleblowers, as of 2018, transactions originating from third-party acquirers accounted for half of global transaction volumes reported by Wirecard. Due to Wirecard's singular approach to counting its cash reserves, the cash held in trustee accounts of its third-party
327:, then that was interesting for Wirecard, because such a customer pays high fees. However, Wirecard did not want to run such a shop as a Wirecard customer in its own database. So they referred such merchants to third-party acquirers who made sure the problem merchant could process payments.
280:
industry justified such valuations. A series of deals involving Wirecard's “buy and build” strategy, which intended to buy customers for the company's payment services, were criticized as being structured in an unusual manner, resulting in difficulty in verifying €670m of intangible assets.
462:
invested in Wirecard with a €900m cash injection in 2019. After the company's failure was made public, Softbank's executives blamed what they saw as failures on the auditor's part and announced plans to sue EY for damages, joining other efforts to launch legal actions against the auditor.
234:
conducted a special audit in response to the criticisms, it took over as the main auditor for Wirecard and would remain so for the rest of the company's history. As a response, German authorities prosecuted two persons due to insufficient disclosure of holding Wirecard's stock.
313:
Despite the report, no actions were taken against key personnel named in the report. Singaporean authorities raided Wirecard as part of an ongoing investigation in February 2019. BaFin banned short selling of Wirecard's stock for two months citing falling investor confidence.
876:
909:
1600:
412:, Wirecard's senior legal counsel based in Singapore who looked after all legal aspects of Wirecard's business and operations in the Asia-Pacific region, revealed himself to be the whistleblower who provided documents exposing the fraud to the
1592:
185:
Prepaid Card Services and created Wirecard North America, entering the US market. Also in 2007, Wirecard expanded into banking by purchasing XCOM Bank AG, allowing it to issue credit and debit cards through licensing agreements with both
1719:
331:
acquirers was counted in Wirecard's balance sheets. In 2019, it was reported that half of Wirecard's worldwide revenue and almost all of its profit were processed through three opaque and poorly audited third-party processors.
180:
Wirecard attributed its fast growth to fast international expansion achieved through acquisition of local businesses, resulting in its revenue growth often outpacing general industry trends. In March 2017, Wirecard acquired
711:
1905:
2181:
1989:"BofA on #Wirecard: "recent restatements reduce our confidence in controls surrounding financial reporting"... "there could be 40 pct downside to EBITDA if pricing were to normalize towards levels seen at peers""
1097:
974:
1331:
298:
artificially inflate profit, creating questions about the reliability of Wirecard's accounts. In one instance, €37m was moved between Wirecard subsidiaries and external businesses, in a practice known as
772:
429:
During June 2023, Singapore's State Court sentenced James Wardhana, Wirecard's international finance manager to 21 months and Chai Ai Lim, Wirecard Asia's Head of Finance, to 10 months of imprisonment.
899:
2400:
2121:
2090:
1688:
1631:
2273:
1238:
1711:
1354:
434:
400:
were among the very few skeptics. In 2018, they questioned Wirecard's poor positioning within the German e-commerce payments market and raised concerns related to financial controls.
323:
unsuitable for direct processing on the part of Wirecard. In practice, this worked as follows: if a dubious dealer wanted to use Wirecard, for example an online shop, for ineffective
2480:
472:
accounting regulations, beginning by severing ties with the Financial Reporting Enforcement Panel (FREP), a quasi-official accounting watchdog, and transferring its duties to BaFin.
1780:
1750:
2540:
2303:
2211:
1936:
1074:
703:
1897:
845:
2173:
868:
1496:
1842:
1105:
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966:
507:
disappeared shortly after he was fired from the company and was later found to have fled to Belarus. He is a fugitive wanted by the German police, he is listed on
272:
Critics point to Wirecard's global acquisitions as a means to mask trouble with organic growth by adding revenues from external sources, a tactic referred to as a
1323:
1176:
1008:
764:
2370:
2514:
2392:
2113:
2059:
741:
519:
against him. Christopher Bauer, the company's former Asia manager and son of Paul Bauer-Schlichtegroll, former chairman of the advisory board, died in
2082:
1811:
210:
ultimately took little action against the company before its eventual collapse, opting instead to file complaints against critics of the company and
1680:
1654:
1380:
1153:
1041:
659:
1623:
310:
pointed to several years of book-padding across Wirecard's Asian operations, with some degree of knowledge by Wirecard's Munich operation teams.
230:
Red flags were raised as early as 2008 when the head of a German shareholder association attacked Wirecard's balance sheet irregularities. After
2573:
2265:
637:
1230:
2458:
2431:
2339:
2242:
2011:
1966:
1874:
1569:
1527:
1465:
1434:
1403:
1300:
1269:
1207:
940:
814:
86:
Allegations of accounting malpractices have trailed the company since the early days of its incorporation, reaching a peak in 2019 after the
1772:
1742:
2536:
2295:
2203:
224:
1928:
157:. This was achieved through a decision in an InfoGenie general meeting to transfer the non-listed Wirecard to InfoGenie AG by way of a
206:
Wirecard is suspected to have engaged in a series of fraudulent accounting activities to inflate its profit. Despite the allegations,
1065:
373:
misleading statements to investors, resulting in a criminal investigation after a complaint was referred to prosecutors by BaFin.
837:
105:
2733:
1488:
2603:
1834:
2143:
681:
2676:
2954:
2813:
1168:
1000:
2944:
2766:
2362:
2626:
1988:
2939:
2506:
2974:
2062:(Press release). Manhattan, New York: U.S. Attorney's Office, Southern District of New York. 16 November 2023
733:
599:
397:
2060:"Israeli Hacker-For-Hire Sentenced To 80 Months In Prison For Involvement In Massive Spearphishing Campaign"
2959:
1803:
2969:
438:
1032:
2563:
1128:
629:
384:
analysts were almost universally positive about Wirecard until as late as February 2020. Analysts at
2964:
582:, a documentary that consists of “the lying, the spying, the dirty tricks” and how through it all,
299:
158:
2705:
2454:
2423:
2331:
2234:
2034:
2003:
1958:
1865:
1561:
1519:
1457:
1426:
1395:
1292:
1261:
1199:
932:
806:
2905:
1655:"Israeli Gets U.S. Prison Time for Hacking Scheme That Targeted Climate Advocates Fighting Exxon"
1324:"Police raid Wirecard entities in Singapore after reports of fraud allegations at payments giant"
501:
494:
324:
154:
19:
2979:
2949:
2918:
2806:
2651:
2481:"World's Most Wanted Man Jan Marsalek Located in Belarus; Data Points to Russian Intel Links"
1355:"Paukenschlag im Wirecard-Prozess: Jan Marsalek meldet sich mit einer Botschaft beim Gericht"
64:
264:
to perform a forensic investigation of the accounting practices that led to its insolvency.
604:
100:
after revealing that €1.9 billion was "missing", and the termination and arrest of its CEO
1898:"Investmentbank Merrill Lynch macht sich "Sorgen um die Wettbewerbsposition von Wirecard""
8:
2114:"SoftBank's $ 1 Billion Investment in Wirecard Came With a Twist – No SoftBank Cash"
254:
169:. A clean audit from EY in 2007 allayed investors concerns. Wirecard was included in the
40:
1147:
653:
442:
48:
1489:"Wirecard sues the FT for 'unethical reporting,' but shares sink after Singapore raid"
153:
segment, an action that has been criticised as avoidance of proper scrutiny during an
2799:
2762:
2739:
2729:
1804:"Wirecard Conviction Buy List von Goldman Sachs Group Inc. - 30.09.19 - Börse Online"
1374:
52:
2884:
446:
369:
231:
177:
since 2018. In 2018, Wirecard shares reached a peak, valuing the company at €24bn.
166:
113:
2752:
551:
303:
240:
211:
139:
88:
80:
68:
32:
2627:"'I kept a hammer under the bed' - one journalist's 6-year battle with Wirecard"
2595:
2004:"'They tried to destroy me': Wirecard's reluctant whistleblower tells his story"
2786:
2568:
673:
609:
459:
250:
162:
135:
76:
2743:
161:
against investment in kind, making Wirecard a stock corporation listed in the
2933:
2596:"FinCEN Files: How Turkey's Aktif Bank helped Wirecard and the porn industry"
2564:"FinCEN Files: How Turkey's Aktif Bank helped Wirecard and the porn industry"
867:
Dörner, Astrid; Kokologiannis, Georgios; Kröner, Andreas (5 September 2018).
564:
385:
93:
767:[The 250 million euro puzzle of the stock market miracle Wirecard].
83:
and had contracts with multiple international financial services companies.
2913:
2847:
2841:
2723:
904:
531:
504:
497:
261:
150:
131:
125:
101:
72:
2782:
902:[A step towards normality: Wirecard shows technical innovations].
704:"Germany's beleaguered Wirecard to proceed with business after insolvency"
630:"Police raid Wirecard headquarters as administrator kicks off asset sales"
2853:
524:
389:
143:
109:
1624:"Financial Times Hires Law Firm to Conduct Review of Wirecard Reporting"
1520:"Wirecard 'loses contact' with executive at heart of accounting scandal"
334:
Wirecard announced lawsuits against the Singaporean authorities and the
2296:"Germany to sever ties with accounting watchdog after Wirecard scandal"
561:
Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth
556:
535:
516:
246:
191:
97:
96:
complaints and internal documents. On 25 June 2020, Wirecard filed for
1098:"Head of Germany's Wirecard rejects fraud allegations by short-seller"
900:"Ein Schritt hin zur Normalität: Wirecard zeigt technische Neuerungen"
590:
uncovered the truth behind Wirecard’s fraudulent financial reporting.
2864:
1593:"Wirecard erhebt schwere Anschuldigungen gegen die "Financial Times""
967:"Germany bans Wirecard 'shorting' as prosecutors probe FT journalist"
567:
called it “required reading for investors and financial regulators.”
481:
381:
245:
Wirecard's small cut. In response, Wirecard retained the services of
194:. In November 2019, Wirecard entered the Chinese market by acquiring
187:
182:
104:. Questions have been raised about regulatory failure on the part of
2393:"Wirecard proves Europe needs a single financial markets supervisor"
1458:"Wirecard relied on three opaque partners for almost all its profit"
23:
Wirecard's headquarters, raided on 1 July 2020 by German authorities
2836:
2791:
1959:"Stocks to watch: IAG, Apple, Wirecard, Veolia, Indivior, BAE, ING"
1773:"Wirecard-Aktie: Börsenthriller geht ins neue Jahr | 06.01.20"
1745:[Wirecard before numbers: target price 136 or 271 euros?].
1562:"Germany to overhaul accounting regulation after Wirecard collapse"
563:, based on his and his colleagues’ investigation into the scandal.
512:
458:
rally around Wirecard against what they perceive as unfair attack.
409:
44:
1129:"Wirecard hires Alix Partners for forensic investigation: sources"
435:
United States District Court for the Southern District of New York
142:
as clients. By taking over the listing of InfoGenie AG, a defunct
508:
277:
195:
56:
2083:"Lessons for corporate Germany in the rise and fall of Wirecard"
1231:"The strange case of Ashazi: Wirecard in Bahrain, via Singapore"
2424:"German parliament to open full inquiry into Wirecard collapse"
1931:[Wirecard boss Braun defends himself against critics].
520:
388:
had a "Conviction Buy" rating until as late as September 2019.
273:
170:
2266:"Wirecard Scandal a 'Complete Disaster,' Says Germany's Bafin"
267:
2879:
207:
79:
of physical cards. The subsidiary, Wirecard Bank AG, held a
2889:
2455:"BaFin bosses forced out over handling of Wirecard scandal"
2204:"Wirecard's creditors set for battle over missing billions"
1262:"Executive at Wirecard suspected of using forged contracts"
587:
365:
260:
In July 2021, Wirecard hired corporate investigations firm
2144:"Critics' ire turns on auditor EY after Wirecard collapse"
2035:"Singapore hands down first Wirecard criminal convictions"
765:"Das 250-Millionen-Euro-Rätsel des Börsenwunders Wirecard"
477:
rules and for an EU body in charge of regulatory actions.
396:
articles questioning the company "fake news". Analysts at
2363:"Wirecard scandal raises need for common EU market rules"
1353:
Haseborg, Melanie Bergermann, Volker ter (18 July 2023).
866:
174:
60:
2754:
Die Wirecard-Story. Die Geschichte einer Milliarden-LĂĽge
1681:"How Wirecard fooled most of the people all of the time"
227:, resulted in inflated earnings and cash flow figures.
2507:"Philippines confirms death of ex-Wirecard exec Bauer"
1712:"How German Fintech Darling Wirecard Fell From Grace"
1653:
Mulvaney, James Fanelli and Erin (16 November 2023).
869:"Commerzbank fliegt aus dem Dax, Wirecard steigt auf"
392:
analysts who were positive on the shares even dubbed
2759:
The Wirecard story. The story of a billion-euro lie
1066:"JCap on Wirecard: a search for the Asian business"
1001:"Wirecard AG: The Great Indian Shareholder Robbery"
500:was arrested shortly after his resignation. Former
2751:Haseborg, Volker ter; Bergermann, Melanie (2020).
2750:
2677:"The Netflix documentary of the Wirecard SKANDAL!"
2332:"Wirecard: the scandal spreads to German politics"
1864:
1743:"Wirecard vor Zahlen: Kursziel 136 oder 271 Euro?"
1064:
1031:
933:"Wirecard's suspect accounting practices revealed"
437:sentenced Aviram Azari, the founder of an Israeli
355:
2330:Chazan, Guy; Storbeck, Olaf (28 September 2020).
1835:"Commerzbank backtracks on FT 'fake news' charge"
1127:HĂĽbner, Arno Schuetze, Alexander (21 July 2020).
674:"Wirecard: Scandal-hit firm files for insolvency"
288:
108:, Germany's top financial watchdog, and possible
39:) was a series of corrupt business practices and
2931:
2325:
2323:
2321:
2235:"EY prepares for backlash over Wirecard scandal"
2174:"SoftBank plans to sue EY over Wirecard scandal"
628:HĂĽbner, Arno Schuetze, Alexander (1 July 2020).
92:published a series of investigations along with
2539:. repubblica.it. repubblica.it. 6 August 2020.
2453:Chazan, Guy; Storbeck, Olaf (29 January 2021).
1929:"Wirecard-Chef Braun wehrt sich gegen Kritiker"
1427:"Wirecard's singular approach to counting cash"
511:'s list of Europe's most wanted fugitives, and
368:'s special audit, Wirecard's long time auditor
347:sellers. El Obeidi presented evidence that the
341:
106:Federal Financial Supervisory Authority (BaFin)
2452:
2329:
441:, to 80 months of imprisonment and 3 years of
134:joined as CEO in 2002, the company focused on
2807:
2318:
449:of the proceeds from his hacking activities.
376:
1379:: CS1 maint: multiple names: authors list (
1200:"Wirecard's meteoric rise prompts questions"
1152:: CS1 maint: multiple names: authors list (
838:"Warum fährt die Wirecard-Aktie Achterbahn?"
658:: CS1 maint: multiple names: authors list (
217:
2537:"Wirecard, giallo sulla fine di un manager"
734:"Former Wirecard CEO Markus Braun arrested"
268:Opaque acquisitions and corporate structure
225:International Financial Reporting Standards
2814:
2800:
800:
798:
796:
794:
792:
790:
361:over Wirecard's bank business subsidiary.
2718:investigations which exposed the scandal.
1621:
908:(in German). Verlagsgruppe Handelsblatt.
63:index. They offered customers electronic
2360:
1652:
1559:
1352:
1293:"Wirecard: inside an accounting scandal"
1197:
964:
317:
18:
16:Series of accounting scandals in Germany
2263:
1740:
1590:
1486:
1169:"Revisiting Wirecard's big Indian deal"
1095:
1005:The Foundation for Financial Journalism
897:
787:
763:Dohms, Heinz-Roger (23 February 2017).
570:
302:. A preliminary report commissioned by
130:The company was founded in 1999. After
2932:
2761:] (in German). FinanzBuch Verlag.
2721:
2421:
2342:from the original on 29 September 2020
2232:
2111:
2080:
2001:
1845:from the original on 19 September 2020
1753:from the original on 20 September 2020
1709:
1634:from the original on 25 September 2020
1487:Schulze, Elizabeth (8 February 2019).
1455:
1424:
1393:
1290:
1259:
1228:
1166:
1126:
1062:
1029:
930:
804:
627:
2795:
2576:from the original on 13 December 2020
2561:
2461:from the original on 17 February 2021
2434:from the original on 1 September 2020
2032:
1895:
1741:Kessler, Nikolas (13 February 2020).
1555:
1553:
1551:
1549:
1547:
1545:
1517:
994:
992:
960:
958:
835:
762:
201:
2821:
2783:Documentary about the Wirecard fraud
2624:
1832:
998:
527:. Bauer was very close to Marsalek.
2543:from the original on 16 August 2020
1926:
965:Schuetze, Arno (18 February 2019).
538:helped launder money for Wirecard.
119:
13:
2698:
2606:from the original on 10 March 2021
2562:Ăśnker, Pelin (21 September 2020).
2517:from the original on 10 March 2021
2361:Angeloni, Ignazio (29 June 2020).
2264:Comfort, Nicholas (22 June 2020).
1969:from the original on 11 March 2021
1908:from the original on 10 March 2021
1896:Geörg, Mischa (21 December 2018).
1814:from the original on 10 March 2021
1783:from the original on 16 March 2021
1542:
1321:
989:
955:
898:Schnell, Christian (14 May 2019).
836:Vogel, Hannes (18 February 2019).
640:from the original on 26 April 2021
198:-based AllScore Payment Services.
14:
2991:
2776:
2403:from the original on 30 June 2020
2373:from the original on 30 June 2020
2306:from the original on 30 June 2020
2276:from the original on 30 June 2020
2245:from the original on 29 June 2020
2214:from the original on 30 June 2020
2184:from the original on 29 June 2020
2154:from the original on 30 June 2020
2112:Davies, Paul (14 November 2020).
2093:from the original on 30 June 2020
1939:from the original on 5 March 2021
1877:from the original on 17 July 2020
1691:from the original on 30 June 2020
1622:Steinberg, Julie (23 July 2019).
1603:from the original on 13 June 2021
1572:from the original on 30 June 2020
1530:from the original on 30 June 2020
1518:Palma, Stefania (13 March 2019).
1499:from the original on 30 June 2020
1468:from the original on 28 June 2020
1437:from the original on 28 June 2020
1406:from the original on 28 June 2020
1334:from the original on 26 June 2020
1303:from the original on 28 June 2020
1272:from the original on 28 June 2020
1210:from the original on 28 June 2020
1198:Storbeck, Olaf (3 October 2018).
1179:from the original on 29 June 2020
1077:from the original on 28 June 2020
1044:from the original on 27 June 2020
1011:from the original on 30 June 2020
977:from the original on 30 June 2020
943:from the original on 12 July 2020
912:from the original on 13 June 2021
879:from the original on 13 June 2021
848:from the original on 13 June 2021
817:from the original on 30 June 2020
744:from the original on 26 June 2020
714:from the original on 28 June 2020
684:from the original on 28 June 2020
541:
138:services, starting with porn and
2863:
2422:Chazan, Guy (1 September 2020).
2124:from the original on 1 July 2020
2081:Boland, Vincent (28 June 2020).
2033:Ruehl, Mercedes (20 June 2023).
2014:from the original on 20 May 2021
1801:
1722:from the original on 3 July 2020
1241:from the original on 2 July 2020
1063:McCrum, Dan (20 November 2015).
775:from the original on 20 May 2020
403:
338:in response to the allegations.
112:of Wirecard's long time auditor
2669:
2644:
2618:
2588:
2555:
2529:
2499:
2473:
2446:
2415:
2385:
2354:
2288:
2257:
2226:
2196:
2166:
2136:
2105:
2074:
2052:
2026:
1995:
1981:
1951:
1920:
1889:
1857:
1826:
1795:
1765:
1734:
1710:Nicola, Stefan (24 June 2020).
1703:
1673:
1646:
1615:
1591:Iwersen, Sönke (21 July 2019).
1584:
1560:Storbeck, Olaf (28 June 2020).
1511:
1480:
1449:
1425:McCrum, Dan (9 December 2019).
1418:
1387:
1346:
1322:Ng, Jun Sen (8 February 2019).
1315:
1291:McCrum, Dan (7 February 2019).
1284:
1260:McCrum, Dan (30 January 2019).
1253:
1222:
1191:
1167:McCrum, Dan (25 January 2018).
1160:
1120:
1096:Auchard, Eric (15 March 2016).
1089:
1056:
1023:
999:Boyd, Roddy (23 January 2018).
931:McCrum, Dan (15 October 2019).
924:
580:SKANDAL! BRINGING DOWN WIRECARD
356:Auditing and regulatory failure
165:stock market segment through a
2233:Kinder, Tabby (29 June 2020).
891:
860:
829:
756:
726:
696:
666:
621:
424:
289:Artificial inflation of profit
59:. The company was part of the
43:that led to the insolvency of
41:fraudulent financial reporting
1:
1456:McCrum, Dan (25 April 2019).
1396:"Wirecard's problem partners"
1394:McCrum, Dan (29 March 2020).
1030:McCrum, Dan (27 April 2015).
615:
600:1992 Indian stock market scam
485:a plan to reform the agency.
466:
398:Bank of America Merrill Lynch
2856:(Compliance officer and CEO)
2625:Hunt, Simon (16 June 2022).
805:McCrum, Dan (25 June 2020).
452:
419:
342:Aggressive attack on critics
146:group, Wirecard entered the
7:
2002:McCrum, Dan (20 May 2021).
593:
488:
51:provider, headquartered in
10:
2996:
1229:McCrum, Dan (5 May 2015).
578:In 2022, Netflix released
377:Role of sell side analysts
223:the reporting adhering to
123:
47:, a payment processor and
2955:2020s in economic history
2898:
2872:
2861:
2829:
2180:. Reuters. 26 June 2020.
480:On 1 September 2020, the
218:Accounting irregularities
71:services, as well as the
2945:2020 in economic history
2706:"Wirecard: the timeline"
807:"Wirecard: the timeline"
214:of the company's stock.
2873:Regulators and Auditors
2714:Summary of a series of
2118:The Wall Street Journal
1866:"Wirecard: poker faced"
1628:The Wall Street Journal
555:investigative reporter
155:initial public offering
126:Wirecard § History
2940:2020 crimes in Germany
2919:Singapore Police Force
2909:Wirecard investigation
433:In November 2023, the
173:since 2006 and in the
24:
2975:Corruption in Germany
2602:. 21 September 2020.
1661:. Wall Street Journal
318:Third-party acquirers
249:, a UK law firm, and
22:
2722:McCrum, Dan (2022).
1808:www.boerse-online.de
1802:GmbH, finanzen net.
605:NSE co-location scam
2960:Accounting scandals
2683:. 16 September 2022
2457:. Financial Times.
2338:. Financial Times.
2039:The Financial Times
1716:The Washington Post
1033:"House of Wirecard"
255:market manipulation
65:payment transaction
2970:Corporate scandals
2513:. 13 August 2020.
1927:Kessler, Nikolas.
443:supervised release
202:Causes of downfall
49:financial services
25:
2927:
2926:
2885:Ernst & Young
2735:978-1-78763-504-3
1833:Newlands, Chris.
1328:The Straits Times
559:released a book,
482:German parliament
445:, as well as the
439:intelligence firm
293:In January 2019,
140:gambling websites
114:Ernst & Young
2987:
2867:
2823:Wirecard scandal
2816:
2809:
2802:
2793:
2792:
2772:
2747:
2728:. Bantam Press.
2713:
2693:
2692:
2690:
2688:
2673:
2667:
2666:
2664:
2662:
2648:
2642:
2641:
2639:
2637:
2631:Evening Standard
2622:
2616:
2615:
2613:
2611:
2592:
2586:
2585:
2583:
2581:
2559:
2553:
2552:
2550:
2548:
2533:
2527:
2526:
2524:
2522:
2503:
2497:
2496:
2494:
2492:
2477:
2471:
2470:
2468:
2466:
2450:
2444:
2443:
2441:
2439:
2419:
2413:
2412:
2410:
2408:
2399:. 27 June 2020.
2389:
2383:
2382:
2380:
2378:
2358:
2352:
2351:
2349:
2347:
2327:
2316:
2315:
2313:
2311:
2302:. 28 June 2020.
2300:Channel NewsAsia
2292:
2286:
2285:
2283:
2281:
2261:
2255:
2254:
2252:
2250:
2230:
2224:
2223:
2221:
2219:
2210:. 29 June 2020.
2200:
2194:
2193:
2191:
2189:
2170:
2164:
2163:
2161:
2159:
2150:. 28 June 2020.
2140:
2134:
2133:
2131:
2129:
2109:
2103:
2102:
2100:
2098:
2078:
2072:
2071:
2069:
2067:
2056:
2050:
2049:
2047:
2045:
2030:
2024:
2023:
2021:
2019:
1999:
1993:
1992:
1985:
1979:
1978:
1976:
1974:
1955:
1949:
1948:
1946:
1944:
1924:
1918:
1917:
1915:
1913:
1902:Business Insider
1893:
1887:
1886:
1884:
1882:
1868:
1861:
1855:
1854:
1852:
1850:
1839:www.fnlondon.com
1830:
1824:
1823:
1821:
1819:
1799:
1793:
1792:
1790:
1788:
1769:
1763:
1762:
1760:
1758:
1738:
1732:
1731:
1729:
1727:
1707:
1701:
1700:
1698:
1696:
1687:. 25 June 2020.
1677:
1671:
1670:
1668:
1666:
1650:
1644:
1643:
1641:
1639:
1619:
1613:
1612:
1610:
1608:
1588:
1582:
1581:
1579:
1577:
1557:
1540:
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1515:
1509:
1508:
1506:
1504:
1484:
1478:
1477:
1475:
1473:
1453:
1447:
1446:
1444:
1442:
1422:
1416:
1415:
1413:
1411:
1391:
1385:
1384:
1378:
1370:
1368:
1366:
1350:
1344:
1343:
1341:
1339:
1319:
1313:
1312:
1310:
1308:
1288:
1282:
1281:
1279:
1277:
1257:
1251:
1250:
1248:
1246:
1226:
1220:
1219:
1217:
1215:
1195:
1189:
1188:
1186:
1184:
1164:
1158:
1157:
1151:
1143:
1141:
1139:
1124:
1118:
1117:
1115:
1113:
1104:. Archived from
1093:
1087:
1086:
1084:
1082:
1068:
1060:
1054:
1053:
1051:
1049:
1035:
1027:
1021:
1020:
1018:
1016:
996:
987:
986:
984:
982:
962:
953:
952:
950:
948:
928:
922:
921:
919:
917:
895:
889:
888:
886:
884:
864:
858:
857:
855:
853:
833:
827:
826:
824:
822:
802:
785:
784:
782:
780:
760:
754:
753:
751:
749:
730:
724:
723:
721:
719:
710:. 28 June 2020.
700:
694:
693:
691:
689:
680:. 25 June 2020.
670:
664:
663:
657:
649:
647:
645:
625:
586:journalists and
493:Former Wirecard
408:On 20 May 2021,
304:Rajah & Tann
159:capital increase
120:Rise of Wirecard
37:Wirecard-Skandal
29:Wirecard scandal
2995:
2994:
2990:
2989:
2988:
2986:
2985:
2984:
2965:Corporate crime
2930:
2929:
2928:
2923:
2907:Financial Times
2894:
2868:
2859:
2825:
2820:
2779:
2769:
2736:
2716:Financial Times
2712:. 25 June 2020.
2710:Financial Times
2704:
2701:
2699:Further reading
2696:
2686:
2684:
2675:
2674:
2670:
2660:
2658:
2652:"The Economist"
2650:
2649:
2645:
2635:
2633:
2623:
2619:
2609:
2607:
2594:
2593:
2589:
2579:
2577:
2560:
2556:
2546:
2544:
2535:
2534:
2530:
2520:
2518:
2505:
2504:
2500:
2490:
2488:
2479:
2478:
2474:
2464:
2462:
2451:
2447:
2437:
2435:
2428:Financial Times
2420:
2416:
2406:
2404:
2397:Financial Times
2391:
2390:
2386:
2376:
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2359:
2355:
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2319:
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2294:
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2289:
2279:
2277:
2262:
2258:
2248:
2246:
2239:Financial Times
2231:
2227:
2217:
2215:
2202:
2201:
2197:
2187:
2185:
2172:
2171:
2167:
2157:
2155:
2142:
2141:
2137:
2127:
2125:
2110:
2106:
2096:
2094:
2079:
2075:
2065:
2063:
2058:
2057:
2053:
2043:
2041:
2031:
2027:
2017:
2015:
2008:Financial Times
2000:
1996:
1987:
1986:
1982:
1972:
1970:
1963:Financial Times
1957:
1956:
1952:
1942:
1940:
1925:
1921:
1911:
1909:
1894:
1890:
1880:
1878:
1871:Financial Times
1863:
1862:
1858:
1848:
1846:
1831:
1827:
1817:
1815:
1800:
1796:
1786:
1784:
1771:
1770:
1766:
1756:
1754:
1739:
1735:
1725:
1723:
1708:
1704:
1694:
1692:
1679:
1678:
1674:
1664:
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1651:
1647:
1637:
1635:
1620:
1616:
1606:
1604:
1589:
1585:
1575:
1573:
1566:Financial Times
1558:
1543:
1533:
1531:
1524:Financial Times
1516:
1512:
1502:
1500:
1485:
1481:
1471:
1469:
1462:Financial Times
1454:
1450:
1440:
1438:
1431:Financial Times
1423:
1419:
1409:
1407:
1400:Financial Times
1392:
1388:
1372:
1371:
1364:
1362:
1351:
1347:
1337:
1335:
1320:
1316:
1306:
1304:
1297:Financial Times
1289:
1285:
1275:
1273:
1266:Financial Times
1258:
1254:
1244:
1242:
1235:Financial Times
1227:
1223:
1213:
1211:
1204:Financial Times
1196:
1192:
1182:
1180:
1173:Financial Times
1165:
1161:
1145:
1144:
1137:
1135:
1125:
1121:
1111:
1109:
1108:on 30 June 2020
1094:
1090:
1080:
1078:
1071:Financial Times
1061:
1057:
1047:
1045:
1038:Financial Times
1028:
1024:
1014:
1012:
997:
990:
980:
978:
963:
956:
946:
944:
937:Financial Times
929:
925:
915:
913:
896:
892:
882:
880:
865:
861:
851:
849:
834:
830:
820:
818:
811:Financial Times
803:
788:
778:
776:
769:Manager Magazin
761:
757:
747:
745:
732:
731:
727:
717:
715:
702:
701:
697:
687:
685:
672:
671:
667:
651:
650:
643:
641:
626:
622:
618:
596:
584:Financial Times
576:
552:Financial Times
547:
491:
469:
455:
427:
422:
414:Financial Times
406:
379:
364:As revealed by
358:
349:Financial Times
344:
336:Financial Times
320:
295:Financial Times
291:
285:to the seller.
270:
241:Financial Times
220:
204:
128:
122:
89:Financial Times
81:banking license
69:risk management
17:
12:
11:
5:
2993:
2983:
2982:
2977:
2972:
2967:
2962:
2957:
2952:
2947:
2942:
2925:
2924:
2922:
2921:
2916:
2911:
2902:
2900:
2896:
2895:
2893:
2892:
2887:
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2876:
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2862:
2860:
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2845:
2839:
2833:
2831:
2827:
2826:
2819:
2818:
2811:
2804:
2796:
2790:
2789:
2787:Deutsche Welle
2778:
2777:External links
2775:
2774:
2773:
2767:
2748:
2734:
2719:
2700:
2697:
2695:
2694:
2668:
2643:
2617:
2587:
2569:Deutsche Welle
2554:
2528:
2498:
2487:. 18 July 2020
2472:
2445:
2414:
2384:
2353:
2317:
2287:
2256:
2225:
2195:
2165:
2135:
2104:
2073:
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1994:
1980:
1950:
1919:
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1825:
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1614:
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1190:
1159:
1119:
1088:
1055:
1022:
988:
954:
923:
890:
859:
828:
786:
755:
738:Deutsche Welle
725:
695:
665:
619:
617:
614:
613:
612:
610:Satyam scandal
607:
602:
595:
592:
575:
569:
549:In June 2022,
546:
540:
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487:
468:
465:
454:
451:
426:
423:
421:
418:
405:
402:
378:
375:
357:
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343:
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325:hair restorers
319:
316:
300:round-tripping
290:
287:
269:
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251:FTI Consulting
219:
216:
203:
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163:Prime Standard
136:online payment
124:Main article:
121:
118:
15:
9:
6:
4:
3:
2:
2992:
2981:
2980:Finance fraud
2978:
2976:
2973:
2971:
2968:
2966:
2963:
2961:
2958:
2956:
2953:
2951:
2950:2020 scandals
2948:
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2941:
2938:
2937:
2935:
2920:
2917:
2915:
2912:
2910:
2908:
2904:
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2901:
2899:Investigation
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2768:9783960927754
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2682:
2681:FT Enterprise
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2209:
2208:Straits Times
2205:
2199:
2183:
2179:
2175:
2169:
2153:
2149:
2145:
2139:
2123:
2119:
2115:
2108:
2092:
2088:
2087:Business Post
2084:
2077:
2061:
2055:
2040:
2036:
2029:
2013:
2009:
2005:
1998:
1990:
1984:
1968:
1964:
1960:
1954:
1938:
1935:(in German).
1934:
1930:
1923:
1907:
1903:
1899:
1892:
1876:
1872:
1867:
1860:
1844:
1840:
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1829:
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1809:
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1778:
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1752:
1749:(in German).
1748:
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1721:
1717:
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1706:
1690:
1686:
1685:The Economist
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847:
843:
839:
832:
816:
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808:
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799:
797:
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791:
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771:(in German).
770:
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743:
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581:
573:
568:
566:
565:The Economist
562:
558:
554:
553:
544:
539:
537:
533:
530:In 2020, the
528:
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522:
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510:
506:
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499:
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486:
483:
478:
475:
464:
461:
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448:
444:
440:
436:
431:
417:
415:
411:
404:Whistleblower
401:
399:
395:
391:
387:
386:Goldman Sachs
383:
374:
371:
367:
362:
353:
350:
339:
337:
332:
328:
326:
315:
311:
309:
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296:
286:
282:
279:
275:
265:
263:
262:Alix Partners
258:
256:
252:
248:
243:
242:
238:In 2015, the
236:
233:
228:
226:
215:
213:
212:short sellers
209:
199:
197:
193:
189:
184:
178:
176:
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156:
152:
149:
145:
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115:
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107:
103:
99:
95:
94:whistleblower
91:
90:
84:
82:
78:
74:
70:
66:
62:
58:
54:
50:
46:
42:
38:
34:
30:
21:
2914:FinCEN Files
2906:
2848:Jan Marsalek
2842:Markus Braun
2822:
2758:
2753:
2724:
2715:
2709:
2685:. Retrieved
2680:
2671:
2659:. Retrieved
2655:
2646:
2634:. Retrieved
2630:
2620:
2608:. Retrieved
2599:
2590:
2578:. Retrieved
2567:
2557:
2545:. Retrieved
2531:
2519:. Retrieved
2510:
2501:
2489:. Retrieved
2484:
2475:
2463:. Retrieved
2448:
2436:. Retrieved
2427:
2417:
2405:. Retrieved
2396:
2387:
2375:. Retrieved
2366:
2356:
2346:29 September
2344:. Retrieved
2335:
2308:. Retrieved
2299:
2290:
2278:. Retrieved
2269:
2259:
2247:. Retrieved
2238:
2228:
2216:. Retrieved
2207:
2198:
2186:. Retrieved
2177:
2168:
2156:. Retrieved
2147:
2138:
2126:. Retrieved
2117:
2107:
2095:. Retrieved
2086:
2076:
2064:. Retrieved
2054:
2042:. Retrieved
2038:
2028:
2016:. Retrieved
2007:
1997:
1983:
1971:. Retrieved
1962:
1953:
1943:20 September
1941:. Retrieved
1933:Der Aktionär
1932:
1922:
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