Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist

Discussion in 'Wall St. News' started by Nighthawk, Jun 19, 2020.

  1. Nighthawk

    Nighthawk

    Wirecard’s shares resume their freefall after two Philippine banks said letters proving the existence of the company’s cash were fraudulent

    The auditor, Ernst & Young GmbH, had become suspicious of letters purporting to confirm the existence of the accounts and the amounts held in them, Wirecard said. The two Philippine banks confirmed Friday that those letters were fraudulent.

    “The document claiming the existence of a Wirecard account with BDO is a falsified document and carries forged signatures of bank officers,” said a BDO Unibank Inc. spokesperson. It has reported the matter to the Philippine central bank.

    https://www.wsj.com/articles/myster...hey-dont-have-it-11592562966?mod=hp_lead_pos6

    Holy Moly! What a shame for "Zermany" and its regulator! How could have this happen? The "Zermans" usually have strict controls in place. :banghead::banghead::banghead::banghead:
     
    Nobert likes this.
  2. maxinger

    maxinger

    JesseJamesFinn1 and jys78 like this.
  3. Nighthawk

    Nighthawk

  4. maxinger

    maxinger

    quite scary.
    If I have account with them, I wouldn't take chance. I'd close it immediately
     
  5. Nighthawk

    Nighthawk

    The FT article contains even very sensitive client data and revenue/EBIT profit figures. WOW! :D

    Reads like a Mossad operation! :cool:
     
  6. maxinger

    maxinger

    FT managed to obtain tons of information.
    how they get it? as of now, we don't know.

    hopefully next time, we will be able to get the complete picture.
     
  7. traider

    traider

    Is this a criminal offence? What prevents companies from cooking their books with fake cash.
     
  8. Cuddles

    Cuddles

    making crypto shops looking downright legitimate.
     
  9. Nighthawk

    Nighthawk

    The FED does it all the time - by one simple mouse click! :D:D:D
     
    MarkBrown and kinglion like this.
  10. old coot

    old coot

    Never cancel your insurance the day before you set the kitchen on fire.
    I'm not sure if I think it was the CEO, someone in the organization, or the banks. Or a combination of any/all of the above. No options though, would be a winner in one direction or the other.
     
    #10     Jun 19, 2020