[2022-03-14] German prosecutors charge 3 with fraud in Wirecard collapse

[DaveF]

https://abcnews.go.com/International/wireStory/german-prosecutors-charge-fraud-wirecard-collapse-83432812

FRANKFURT, Germany -- German prosecutors have charged the former CEO of payments company Wirecard and two other ex-managers with fraud and false accounting in connection with the firm's collapse last year amid allegations that much of its revenue and assets were faked.

Prosecutors in Munich said Monday that ex-CEO Markus Braun signed off on financial reports he knew were false. They said the firm booked nonexistent revenue it attributed to multiple partnerships in other countries and used fake documents to show it had funds that it did not.

For those of you that don't remember Wirecard was big into crypto debit cards including the crypto.com card and others.
A lot of Russian Mob / Dubai money was moving through them.

Break out the popcorn it's going to be a good shown watching everyone throw everyone else under the bus.

-Dave

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[Mbitr]

Lol - this will get juicy

Sorry Davef - but I couldn’t help myself …feck me ..this guy looks like robocop

[LeGaulois]

to german neighbors: you were so envious of France with our company Worldline that you thought you could do better. we have shown you once again that we win . Invest in our tech instead to waste money to make an alt. (just joking)
Look at the French-German channel Arte, they had made an excellent video on Wirecard, which can certainly be found on youtube (Arte quality, so not disappointing)

Just to be clear: Wirecard wasn't just a company for debit cards, it was more than that, as a services provider and a payment processor.

Wirecard's CEO will not be the only one in trouble, as well the company. There are also some who will have to assume their responsibilities, like Bafin, the regulating authority, the company located in Dubai that helped to fraud, and others.
It's a chain: from other employees, the external company that validated accounting, Bafin that tried to hide the problem rather than solve it...

[bbc.reporter]

Lol - this will get juicy

Sorry Davef - but I couldn’t help myself …feck me ..this guy looks like robocop

I was monitoring this news but I stopped because it appeared it did not have more updates and it became boring. However, agreed! It will certainly get juicy because it was also speculated that there was 1.938 billion in euros that was deposited by one of the trustees to 6 bank accounts in 2 Philippine banks. The banks denied receiving this, however and said that that Wirecard was not a customer. This makes it appear that the trustee used different names not under Wirecard to open those bank accounts to launder the money. It would not be very shocking if there were bank employees helping the trustee to launder the money.



A financial scandal has rocked Germany as its fintech darling comes crashing following revelations some $2.1 billion, about a quarter of its assets, has gone missing.

Fingers are now being pointed towards Mark Kristopher G. Tolentino (pictured), the so called “Trustee 2” who managed this money and apparently is not responding.

According to a mainstream German daily, after being appointed as trustee in late 2019 Tolentino is said to have opened six accounts for Wirecard with the Bank of the Philippine Islands (BPI) and BDO Unibank.

“He is said to have deposited 393.5 million euros for Wirecard UK & Ireland Ltd. For Wirecard Technology GmbH it was 400.5 million. 30 million for Wirecard AG, 20 million for Wirecard Sales International GmbH and finally almost 1.1 billion for the subsidiary Cardsystem Middle East FZ LLC. In total: 1.938 billion euros,” they say.

When KPMG auditors went to talk to these banks however, BPI told them there are no business relationships with Wirecard, while BDO said Wirecard is not a customer.

The two banks further said the money could not be found, with the Philippines central bank also saying this two billion “never reached the Philippine financial system.” If it had, they would have noticed it as it would amount to 5% of all foreign currency deposits they said.

Wirecard is a financial company founded in 1999 that through a subsidiary was also an issuer for crypto payment card providers Crypto.com and TenX.

FT alleged in January 2019 that a senior executive was suspected of “falsification of accounts” and “money laundering,” with Wirecard launching a lawsuit in response for “unethical reporting” and market manipulation.

Source https://www.trustnodes.com/2020/06/21/mark-tolentino-the-2-1-billion-wirecard-thief