In just a decade, Wirecard went from a little-known German payment processing company to one of the most valuable financial services firms on the stock market with a valuation of 17.5 billion dollars. The company was so hyped by the investors, that they ignored the allegations of fraud made by the press. However, it all unraveled last week when its former CEO, Markus Braun, got arrested. This is the biggest financial scandal since the collapse of Enron in early 2000s so buckle up, its going to be a bumpy ride.
By Stock Chat
where the coffee is hot and so is the chat
Can you cover GreenSill, which looks just as dodgy?
Danske Bank will make you giggle
I landed a job at wirecard in June 2020. The day before I was supposed to hand over my resignation, they filed for insolvency. Thank God that was a near miss
How can Wirecard's Asia operarions in Philipines & Dubai cntributed all its operation profits? It didn't make sense, fund management is a nature facts as dumb as ordinary investors
It is also worth to note members of Bafin, the regulatory authority of Germany, frequently traded Wirecard shares and other financial products related to the company. Until this day, there is no regulation in Germany to prevent regulators from trading shares of the companies they are meant to regulate. In fact, Wirecard was the top traded stock at Bafin even right before the end.
First, you do incredible videos. Second, if you are ever looking for a topic, take a look into Amarin & their product Vascepa (drug with huge implications) and see what it has been through over the past 5-20 years. Crazy story and still developing every day.
Great video! explains what happened even better than any news report!
Why do scammers atempt to scam a global economy with regulations? And not get caught?
Tom this is excellent reporting my friend I'm very proud of you. I was critical of some other things you did in the past but the last few videos you have posted are excellent and world-class. Keep up the good work brother
Great video, you did a great job!
Yeah those guys really messed up. It is really bad if you had in vested in them.
You're hilariously misinformed.
Registering income upon the issue of an invoice is called "accruals accounting" which is the foundation of all companies accounting.
It's not an "accounting trick" as you put it.
KPMG showed Ernst and Young are POS.
The auditors are doing good job at covering the Fraud.
I have a buisness account with ANNA here in the UK and they use wirecard! My account was locked for nearly 5 days leaving me no access to any funds whatsoever. It really caused a lot of worry and distress just in that short time! Thanks for making the video and showing up these criminals for what they are!✊
What I have learned is running/founding a truly profitable business that adds value to society is the HARDEST thing one can do.. everyone else is just struggling or barely making ends meet
Great video…..never ceases to amaze me how these clowns always fabricate: Enron, Arthur Andersen, Tyco, Worldcom, the entirety of 2008…..unreal.
Great job on this news.
Awesome and very insightful updates👍 Well i will also say this here… This recent Covid 19 outbreak has recently left a lot of people unemployed and reduction in salary, however making money online is a better alternative if you know your way around mostly when it comes to investing in cryptocurrency Bitcoin Trading precisely. For me as a trader i have been able to record massive success because i was smart enough to get involved in day trading with a proper guidance, strategy and daily signals provided by a pro trader known as Dr . Walt Elywn Falcon. During my first month of trading with Dr . Elywn Falcon's daily signals, i was able to accumulate and grow my bitcoin portfolio from 1.1btc to 6.7btc which you will agree is a very good profit. I will so much encourage and advise anyone who is willing to make good profits from trading to use such accurate daily signals and proper guidance, Walt Falcon can be reach via Whatspp: +447476728629 and telegram : @ Elywn_Falcon for inquiries into profitable trading systems.
Covid19 is not responsable for the colapse of this company.
Ponzi scheme just like Bernie Madoff.
And Wirecard is still working, isn't it?
I'm in shock. Thanks for doing this video, I will make sure to read terms and conditions before signing into any fintech app.
Can somebody tell me why Wirecard shares went up again from almost a $1 to $7 now? It doesn't make sense that it is still traded!
Cant wait till the eposide of American GREED!!!
This video repeats 30 times at start of video with same stuff over and over not getting to the point. What a bs is this
Why nobody is talking about the scam with Klik&Pay/CyberServices from last year. They stole the money from their customers, got blocked in Luxembourg and sued but they continue working with getting new clients do to more scams. Tens of thousands people lost their money from this payment processor and they still operate by the shadiest ways possible. Someone should expose them which will be even better story than this one.
Great video and analysis Tom! Makes you think what the auditors were doing all these years. E&Y should be taken to task for this. If savvy shareholders and institutional investors can get scammed then the rest of us really have no chance
2 billion in a digital wallet and wallet lost? cannot understand.
This one's new, I like this story type video! Can you please talk about an MLM company like Amway?
Finally understood what happened, thanks!
German gangsta!
This video took over 70 hours to make (hence no videos on my channel for the past week), I know its not exactly what you are used to from my channel but I hope you can give it a chance and let me know if you want me to do more of these in the future. Tom