Wirecard shares collapse

no they can get in to contact with the person who checks the posts

Or you could just send him a message here

Although he checks the flags when he’s on the forum so I’m not sure why you’d bother messaging

Not offensive but they are very confrontational


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There’s an official Monzo presence now? I thought that stopped when SimonB left. I need to read more.


If the CEO lied, as a public figure and representative of Wirecard, would it not then be fair to say that Wirecard lied?

Actions of individuals on behalf of a company, are In my view actions of the company. I’ve not delved too deeply into this Wirecard fiasco yet, so I guess depends on the circumstances.

With that said, I’m not going to mourn the loss of a shady company, but I feel for the Innocent employees this will now affect. Is this even relevant to the discussion of Revolut anyway? Perhaps all the Wirecard talk should be moved elsewhere.

Edit: looks like @Feathers already did this as I was typing out my post! :see_no_evil: Please move this comment too, it’s out of context here!

For something of this scale, it has be more than a few. Granted, there will be degrees of culpability from outright fraud down to incompetence and minor negligence.

Where was the mighty Bafin?! Talk about egg on your face.

Egg on their face … more like a catastrophic failure of a financial supervisory authority.

The FT newspaper reported problems with Wirecard in January and instead of investigating Wirecard, BaFin pulled their wagons around Wirecard and protected them from the accusations and tried criminalise the journalist involved.



As I recall, BaFin accused the journalists - on more than one occasion - of insider trading and fraud. Looks like Wirecard had some influential people at its beck and call.

Just received an email from FairFX - cards & accounts are now unusable because of Wirecard activities.

Customers won’t get access to the frozen funds until the FCA unfreezes them.

This is big.

When you’ve got that kind of money influential people tend to do what you say… it’s just the way things are.

Clearly a few people were involved in the fraud - anyone looking at the accounts should have been able to see a discrepancy of a couple of billion. Now we’ve got the CEO and COO in the frame (the latter having run off to possibly the phillipines but we’re not even sure of that) but they won’t be the only ones. The auditors failed massively (didn’t actually check the accounts for 3 years apparently). Bafin failed. It’s going to take quite an investigation to separate the fraud from the incompetence that allowed the fraud to succeed.

New laws will come from this, I expect.


this is what you get when company’s want to do stuff like this

And countries practice the sort of economic protectionism that this exemplifies.

Germany banned being able to short this company…

They also investigated the whistleblowers for share price manipulation.

The biggest worry here is the auditors’ failures. Their only job is to make sure things like that doesn’t happen, and they’re paid big money for that job. They should have the book thrown at them and any other company they “audited” should also be scrutinized because there’s a risk they’ve done the same mistake elsewhere.


The missing money was supposed to be sitting in trustee accounts with the two biggest Filipino banks. EY refused to sign off accounts when there was no material evidence of the funds. So I suppose they will argue they did their job.

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In this case EY were paid £5 million. Which isn’t a lot for this kind of work. You buy cheap…

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The problem is they did sign it off for 3 years without verifying the money existed.

EY are not small fry. If their audits aren’t reliable then that’s a huge spanner in the works for a lot of companies (and their investors). What happens to them (beyond the investigation and current lawsuits) is as important as wirecard itself.


I suspect they may have been prevailed upon to not look too far.