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  • Ex-Wirecard CEO Ordered to Pay $155 Million Over Unpaid Loans

    Ex-Wirecard CEO Ordered to Pay $155 Million Over Unpaid Loans
  • German Prosecutors Charge 2 Former Wirecard Executives With Embezzlement

    August 6, 2024German Prosecutors Charge 2 Former Wirecard Executives With Embezzlement
    Four years after the collapse of online payments company Wirecard, German prosecutors have reportedly charged two more of the firm’s former executives. Wirecard’s former finance chief, Alexander von Knoop, and its ...
  • German Agency Criticizes EY’s Audits of Wirecard

    April 19, 2024German Agency Criticizes EY’s Audits of Wirecard
    A German regulator has reportedly concluded that EY’s audit work and quality control regarding the now-defunct payments firm Wirecard was marked by “grave” and “repeated” violations of professional duties. The regulator, Apas, said ...
  • Wirecard’s Insolvency Manager Files Lawsuit Against EY in Germany

    December 29, 2023Wirecard’s Insolvency Manager Files Lawsuit Against EY in Germany
    Wirecard’s insolvency manager, Michael Jaffé, filed a lawsuit in a court in Stuttgart against accountancy firm EY. The lawsuit claims 1.5 billion euros (about $1.66 billion) in damages over EY’s role ...
  • Ex-Wirecard Finance Chief Charged With Fraud

    December 14, 2023Ex-Wirecard Finance Chief Charged With Fraud
    More than three years after its collapse, Wirecard’s former finance chief has been accused of fraud. Burkhard Ley, who spent 11 years as the chief financial officer of the German payments ...
  • Wirecard Whistleblower Launches Company to Spot Misconduct

    September 5, 2023Wirecard Whistleblower Launches Company to Spot Misconduct
    Pav Gill helped blow the whistle on wrongdoing at German payment company Wirecard. Now, he’s reportedly launching a platform to help others do the same at their firms. Gill, who headed the legal ...
  • Two Former Wirecard Executives Sentenced to Prison in Singapore

    June 20, 2023Two Former Wirecard Executives Sentenced to Prison in Singapore
    Two former Wirecard executives have been sentenced to prison in Singapore. James Wardhana, who was the international finance process manager of Wirecard Asia, and Chai Ai Lim, who was the head ...
  • Wirecard Trial Testimony: Ex-CEO Said Compliance Was ‘Crap’

    June 7, 2023Wirecard Trial Testimony: Ex-CEO Said Compliance Was ‘Crap’
    Former Wirecard CEO Markus Braun was apparently not a big fan of compliance. During court testimony Wednesday (June 8), a panel of judges in Braun’s fraud trial heard that the ex-chief ...
  • With Professional Service Firms Catching Heat, Is This Digital’s Moment?

    April 6, 2023With Professional Service Firms Catching Heat, Is This Digital’s Moment?
    Running a business is complicated, particularly in today’s challenging macroclimate. But economic downturns are cyclical — and there exists a bevy of professional service firms out there to help organizations chart ...
  • Germany Reportedly Forming New Anti-Money Laundering Agency

    March 29, 2023Germany Reportedly Forming New Anti-Money Laundering Agency
    Germany is reportedly forming a new agency focused on anti-money laundering (AML) and sanctions efforts. The new organization will be called the Federal Authority for Fighting Financial Crime and will absorb ...
  • EU Cracks Down on Phone Number Masking to Protect Consumers

    December 21, 2022EU Cracks Down on Phone Number Masking to Protect Consumers
    Phone number masking cases have caused European authorities to issue advice on how to prevent fraud. While the big European fraud trial of the moment is the Wirecard case, in which ...
  • Wirecard Scandal Trial Sees Chief Witness Deny Deleting Data

    December 21, 2022Wirecard Scandal Trial Sees Chief Witness Deny Deleting Data
    A witness in the Wirecard scandal trial has denied deleting data and withholding information from prosecutors. Oliver Bellenhaus, who is the former head of Wirecard’s Dubai-based subsidiary and the chief witness ...
  • Defendant Blames ‘Blind Loyalty’ to CEO in Wirecard Scandal Trial

    December 19, 2022Defendant Blames ‘Blind Loyalty’ to CEO in Wirecard Scandal Trial
    A defendant and key witness in the Wirecard scandal trial has admitted guilt. Oliver Bellenhaus, the former head of Wirecard’s Dubai office and one of three defendants in one of Germany’s ...
  • Wirecard Execs Play Blame Game as Fraud Trial Continues

    December 12, 2022Wirecard Execs Play Blame Game as Fraud Trial Continues
    The former boss of Wirecard is maintaining his innocence. Ex-CEO Markus Braun, who headed the German payments firm, is in the midst of a fraud trial two years after the company’s ...
  • Wirecard Trial Sets Up FTX Parallels and Enron Echoes 

    December 6, 2022Wirecard Trial Sets Up FTX Parallels and Enron Echoes 
    Thursday marks a red letter day in annals of fraud — the type that destroys companies and careers. No, not that crypto exchange. You might be forgiven for automatically defaulting in your ...
  • Report Alleges Wirecard Forged Client Data to Obtain €900M SoftBank Investment

    July 10, 2022Report Alleges Wirecard Forged Client Data to Obtain €900M SoftBank Investment
    Once-mighty payments giant Wirecard reportedly faked client data and was lying about internal records in order to get a SoftBank investment for €900 million ($913 million), a report from Financial ...
  • PYMNTS Am Radar: Livestreaming Upset; Unexpected Pinches; Weakest Link; Healthcare Foundation; ICYMI

    July 5, 2022PYMNTS Am Radar: Livestreaming Upset; Unexpected Pinches; Weakest Link; Healthcare Foundation; ICYMI
    Today is Tuesday, July 5 and on this day in 1946 — the first war-free summer since World War II ended in September 1945 — the bikini hit the summer ...
  • Wirecard’s Stephan von Erffa Reportedly Admits Forging Documents for Audit

    July 4, 2022Wirecard’s Stephan von Erffa Reportedly Admits Forging Documents for Audit
    Stephan von Erffa, Wirecard’s former head of accounting, has reportedly admitted to forging documents in the case that has been going on for several years now, the Financial Times reported ...
  • EMEA Daily: Meta Faces Fines in South Africa; CloudPay, Visa Partner on Payroll Payments; UK Crime Agency Eyes Crypto Mixers

    March 15, 2022EMEA Daily: Meta Faces Fines in South Africa; CloudPay, Visa Partner on Payroll Payments; UK Crime Agency Eyes Crypto Mixers
    In today’s top Europe, Middle East and Africa news, South Africa’s competition regulator is seeking to prosecute Facebook for abusing its dominance in the social media sector, and the United ...
  • German Court OKs Ernst & Young Class Action Case

    March 15, 2022German Court OKs Ernst & Young Class Action Case
    A German court has opened class-action style legal proceedings against accounting firm Ernest & Young LLP (EY) to hear cases from investors in defunct payment company Wirecard AG. As Bloomberg News ...
  • EMEA Daily: Brand Aggregator Flummox Raises $12.9M; Wirecard Ex-Boss Markus Braun Charged With Fraud

    March 14, 2022EMEA Daily: Brand Aggregator Flummox Raises $12.9M; Wirecard Ex-Boss Markus Braun Charged With Fraud
    In today’s top Europe, Middle East and Africa news, brand aggregator Flummox raised $12.9 million (€11.8 million), while former Wirecard CEO Markus Braun has been charged with fraud, breach of ...
  • Wirecard Ex-Boss Markus Braun Charged with Fraud by German Prosecutors

    March 14, 2022Wirecard Ex-Boss Markus Braun Charged with Fraud by German Prosecutors
    In custody since July 2020, the former CEO of Wirecard Markus Braun was by formally charged by Munich public prosecutors with fraud, breach of trust and accounting manipulation following a ...
  • Wirecard Staff Reportedly Took Large Sums Of Cash From HQ

    April 22, 2021Wirecard Staff Reportedly Took Large Sums Of Cash From HQ
    Wirecard staffers reportedly took millions of euros in funds from the firm’s German base in plastic bags during a timeframe that spanned years, the Financial Times reported, citing unnamed sources. ...
  • German Prosecutors To Investigate BaFin Over Wirecard Scandal

    April 12, 2021German Prosecutors To Investigate BaFin Over Wirecard Scandal
    Prosecutors in Frankfurt are opening a criminal investigation into the way Germany’s financial regulatory authority BaFin supervised Wirecard AG, and whether a portion of the watchdog’s workforce traded shares unlawfully, ...
  • Finch Capital Reaches Deal To Buy Wirecard Turkey

    March 30, 2021Finch Capital Reaches Deal To Buy Wirecard Turkey
    Finch Capital, through Nomu Pay, has come to a deal to purchase Wirecard Ödeme Ve Elektronik Para Hizmetleri (Wirecard Turkey). The deal is anticipated to close by this summer and ...
  • Ex-Wirecard Executive Says Company’s Alleged Fraud Began Over 10 Years Ago

    March 23, 2021Ex-Wirecard Executive Says Company’s Alleged Fraud Began Over 10 Years Ago
    An ex-Wirecard executive informed prosecutors that the firm’s alleged fraud began over 10 years prior to its implosion, with some high-level managers starting to create a collection of overseas firms ...
  • Germany Plans To Strengthen BaFin’s Leadership Team

    February 2, 2021Germany Plans To Strengthen BaFin’s Leadership Team
    Germany is looking to beef up the leadership of its Federal Financial Supervisory Authority (BaFin) and plans to hire top experts to oversee regulations, Bloomberg reported on Tuesday (Feb. 2). Aside from ...
  • German Regulator’s Top Official Dismissed Over Wirecard Wrongdoing

    January 29, 2021German Regulator's Top Official Dismissed Over Wirecard Wrongdoing
    Felix Hufeld, head of Germany’s financial watchdog Federal Financial Supervisory Authority (BaFin), and his deputy, Elisabeth Roegele, have been dismissed over their handling of the Wirecard debacle, according to a Reuters ...
  • Arrests Made For Organizing Wirecard’s Marsalek’s Escape

    January 24, 2021Arrests Made For Organizing Wirecard’s Marsalek’s Escape
    Two Austrian men have been arrested in Vienna for allegedly helping rogue Wirecard exec Jan Marsalek escape arrest after the payment company’s downfall last year, The Financial Times (FT) reports. The ...
  • Commerzbank Says It Was ‘Deceived’ By Wirecard Fraud

    January 14, 2021Commerzbank Says It Was 'Deceived' By Wirecard Fraud
    Commerzbank has told lawyers that the bank was a victim of fraud in the ongoing Wirecard case, Reuters reported Thursday (Jan. 14). The lender was “deceived” by the executives and auditors ...
  • Commerzbank Cautioned BaFin About Wirecard Months Before Scandal

    January 12, 2021Commerzbank Cautioned BaFin About Wirecard Months Before Scandal
    Commerzbank warned German financial watchdog BaFin about Wirecard‘s illicit activity early in 2020, before the payment giant’s scandal of missing money came to light later in the year, the Financial ...
  • UK Payments Firm Network International Draws Ire Over Hiring Law Firm For Wirecard Link

    December 21, 2020UK Payments Firm Network International Draws Ire Over Hiring Law Firm For Wirecard Link
    London-listed Network International, a payments company, has been accused of keeping investors in the dark after hiring a legal firm over concerns about links to disgraced payments processing company Wirecard, ...
  • Report: EY Anti-Fraud Team Found ‘Red-Flag Indicators’ at Wirecard

    December 14, 2020Report: EY Anti-Fraud Team Found ‘Red-Flag Indicators’ at Wirecard
    The epic collapse of German payments company Wirecard continues to raise questions about its accounting firm for years, Ernst & Young (EY). Munich prosecutors have begun an investigation into EY’s ...
  • Deutsche Bank Accounting Head Stands Aside Over Wirecard Scandal

    December 9, 2020Deutsche Bank Accounting Head Stands Aside Over Wirecard Scandal
    The head of accounting at Deutsche Bank is temporarily stepping down in the wake of the Wirecard scandal, the Financial Times reports. The move comes as Deutsche Bank and Andreas Loetscher are now ...
  • German Prosecutors Launch Investigation Into Ernst & Young’s Wirecard Audit

    December 4, 2020German Prosecutors Launch Investigation Into Ernst & Young’s Wirecard Audit
    Munich prosecutors have launched an investigation into the Ernst & Young (EY) audit of Wirecard AG, compounding the firm’s troubles associated with $2.3 billion that went missing at the payment ...
  • Deutsche Bank, EY Linked To Germany’s Wirecard Investigation

    November 29, 2020Deutsche Bank, EY Linked To Germany’s Wirecard Investigation
    Deutsche Bank and its head of accounting Andreas Loetscher are now in the scope of the Wirecard investigation over Loetscher’s previous role at EY, the auditors of the disgraced payments ...
  • EY Pressured To Testify About Role In Wirecard Scandal

    November 25, 2020EY Pressured To Testify About Role In Wirecard Scandal
    EY is increasingly finding itself on the hot seat as German lawmakers and investigators dig deeper into the collapse of payments giant Wirecard, whose books the accounting and consulting giant ...
  • Germany’s DAX-30 Stock Index Tightens Rules After Wirecard Fraud Fiasco

    November 24, 2020Germany’s DAX-30 Stock Index Tightens Rules After Wirecard Fraud Fiasco
    The implosion of major payments player Wirecard AG amid a multibillion-dollar fraud scandal has spurred an overhaul of Germany’s top stock index. Owner of the DAX-30 index, Deutsche Börse AG announced on ...
  • German Lawmakers Push For Further Questioning Of Former Wirecard CEO Braun

    November 20, 2020German Lawmakers Push For Further Questioning Of Former Wirecard CEO Braun
    German lawmakers are determined to call back Wirecard AG’s former CEO Markus Braun to give further testimony after he refused to answer their questions during a hearing in Berlin about ...
  • Ex-Wirecard CEO Defends Regulators, Refuses To Answer German Parliament’s Questions

    November 19, 2020Ex-Wirecard CEO Defends Regulators, Refuses To Answer German Parliament’s Questions
    Former Wirecard CEO Markus Braun doesn’t blame regulators or German politicians for the events that led to Wirecard’s demise in a global scandal earlier this year, the Financial Times reports. Braun, speaking before the ...
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