Wirecard Threads Closed?

The threads are from 2020. Anything that hasn't had activity for a year is closed.

Is that new to stop the troll bumping?

Anyway it’s an insane story and I have so many questions. Are the short sellers in New York a couple? Will there be any repercussions against the German financial oversight agency for filing charges against the Financial Times journalists rather than investigating Wirecard? Is Jan Marsalek still posting on Telegraph?

It's not terribly new, it started about a year ago, I think, and yes it was because of the bump troll.

BRB, not following the story and will need time to read up

This scandal which is not front page news in the US, fills in a few details about chaos agents having access to unlimited resources.

Main perp fled to Russher?

The story has a parallel in the United States. In the early 1970s, Equity Funding claimed to be one of America’s top 10 life insurance companies. It too was fraudulent. After its collapse, the company’s president and chairman, Stanley Goldblum, was sentenced to eight years in jail. A whistleblower within the company had warned stock analyst Ray Dirks, who advised some of his clients to sell their Equity Funding stock. Dirks had also contacted the Wall Street Journal, which at the time did not believe the evidence was strong enough to warrant the legal risks of publishing the story. The paper’s reporters contacted the Securities and Exchange Commission (SEC), a federal government agency charged with preventing market manipulation and fraud, which then had a meeting with Dirks.

With rumours circulating and the company’s share price dropping, Equity Funding failed. Its downfall had taken less than a month. The SEC then took action against Dirks for insider trading, securing his conviction. The case went all the way to the Supreme Court before America’s most senior judges reached the obvious conclusion that the public interest in the exposure of fraud outweighs the public interest in maintaining an orderly market in a fraudulent company’s shares.

The public interest in preventing fraud is obvious.

But so is the public interest in fair prices, product safety, competitive innovation and financial stability. That is why we have economic regulation. The Wirecard and Equity Funding cases illustrate the problem of regulatory capture: the process by which a regulatory agency comes to identify with the industry or firms that it oversees.

This leads to regulators serving the interests of established companies, prioritising their concerns over the protection of consumers and the wider public, and favouring incumbents over actual or potential entrants.

In the UK, Brexit has had little immediate impact on regulation because most European Union provisions were initially treated as retained UK law. But, for many Brexiters, the principal rationale for leaving was the desire to be rid of oppressive Brussels diktats, so all areas of EU regulation are currently under review.

A batch of bills concerning data, animal welfare, procurement and genetic modification is now before parliament. A new Financial Services and Markets Bill sets out the new duties of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), both supervisory bodies.

Wirecard AG is an insolvent[4] German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings.

In June 2020, the company announced that €1.9 billion in cash was missing.

It owed €3.2 billion in debt.

The company is being dismantled after it sold the assets of its main business unit to Santander Bank for €100 million in November 2020. Other assets, including its North American, UK and Brazilian units had been previously sold at nondisclosed prices.

The company offered electronic payment transaction services and risk management, and issued and processed physical and virtual cards. As of 2017, the company was listed on the Frankfurt Stock Exchange, and was a part of the DAX stock index from September 2018 to August 2020.

Idk, I wouldn't assume it's because of the bump troll. The Netflix series only showed on Sept 16th 2022 which is less than 7 weeks ago. I have learnt that there are some subjects DL won't let you talk about - such as a certain singer accused of historic sexual abuse by about 10 men. Even though this is reported in the mainstream media, DL would immediately delete threads about it and temporarily ban me for posting in the thread.... So, IDK why really the Wirecard threads were closed..

This is the first thread post documentary. The other threads were were in 2020.

R11 Is the link the one you saw? Because that first aired in 2022.

Yes, that’s the documentary I saw but the closed threads were earlier. Here’s one.

And here’s the other.

Anyway I don’t understand the fascination with Anna Delvey and not Jan Marsalak. Anna tried to scam banks. Jan Marsalak created a fake (but the crime was real) on-line financial institution and almost took over Deutsche Bank.

R10, who's the singer?

The Fall of Wirecard, a Tech Scandal That Rocked Germany, Reaches a Courtroom

Markus Braun, the founder of the financial technology firm that lost billions, is facing fraud charges with two others

Only 2 Billion???? Figure seems low!

Jared Kushner gets $2B Saudi investment, drawing Hunter Biden comparisons

The main dude is hiding out in Russher. If you're a white thug and can afford their protection money, it's worth hiding out over there.

If I recall correctly, old inactive threads just get closed after a certain time period (2 years, maybe?)

Warning Signs

Wirecard’s demise proved an embarrassment for Germany’s regulatory and political institutions because red flags had existed for years. Damning reports by short sellers like Fraser Perring and a series of articles by the Financial Times questioned management’s accounting of business in Asia and the Middle East, charges the company always denied. Instead, Munich prosecutors initially took the company’s side, going as far as investigating journalists and short sellers instead of Wirecard.

As a result of Wirecard’s collapse, the head of the Bafin financial watchdog, Felix Hufeld, was forced to step down in early 2021.

Prosecutors finalized their probe into Wirecard’s decline and fall in March, having spent almost two years retracing the company’s demise. They have charged Braun alongside two co-defendants — former chief accountant Stephan von Erffa and Oliver Bellenhaus, who ran a Wirecard company in Dubai and who has become a key witness.

According to prosecutors, the trio “invented purportedly extremely profitable businesses, particularly in Asia” to make believe that Wirecard was a successful company. In reality though, underlying assets in Dubai, the Philippines and Singapore didn’t exist and paperwork was forged, according to prosecutors.

Large Payouts

Banks paid out loans of about €1.7 billion euros ($1.8 billion) and two bonds totaling about €1.4 billion, “operating under the mistaken assumption of dealing with a successful, prosperous, properly managed and in any case creditworthy DAX company,” prosecutors wrote in a statement when they filed their indictment.

By reporting fictitious results, the trio manipulated markets, using fabricated numbers to seek loans, say the prosecutors, who have charged the three men with aggravated fraud, market-manipulation and false accounting.

Braun was also charged with breach of trust by making Wirecard pay more than €200 million to an obscure company, a maneuver allegedly orchestrated with his right-hand man at the time, Jan Marsalek, then Wirecard’s chief operating officer. Some of the money was channeled back to the men, according to prosecutors.

Marsalek fled when the scandal broke and remains at large.

He’s now on Interpol’s most wanted list and a Munich probe against him and other suspects continues.

Retracing the business activities took a large team of investigators more than a year, involving more than 40 search warrants in Germany alone and the retrieval of data from places as far flung as Mauritius, the Philippines and Brazil.