The Wirecard Saga Tom Fox and Mikhail Reider-Gordon
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- Näringsliv
In this new podcast series, I am joined by Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors. Over this series will take a deep dive into the most prominent accounting scandal and business failure in Germany since World War II, the Wirecard scandal. In this podcast series, we look at the main characters, the fraud they engaged in and how they did it, the professional services firms which facilitated the rise and fall of Wirecard and the wholesale failure of the German regulatory regime to reign in Wirecard. As Bette Davis said, “Put on your seat belt.”
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Season 3, Episode 40 – Phoning It In
Welcome to Season 3 of Lies, Spies & Corporate Crimes: The Wirecard Saga. The Wirecard Saga has become the world’s leading source of all things Wirecard. In The Wirecard Saga, Lies, Spies & Corporate Crimes, host Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors, looks at the biggest financial scandal in post-war Germany from a variety of angles.
In the latest episode of “The Wirecard Saga,” hosted by Mikhail Reider-Gordon, the discussion heats up as they delve into the recent developments surrounding the scandal. They highlight the minimal penalty imposed on EY, which failed to take adequate action, leading to the multi-billion-dollar corporate collapse of Wirecard, affecting stakeholders at various levels. She also discusses ongoing legal proceedings, including the upcoming proceedings and the role of KPMG’s forensic audit team during the scandal. The lack of importance given to compliance at Wirecard is also spotlighted, despite the formation of a formal compliance department. The podcast raises questions about how many missed opportunities there were to identify the fraud and why Wirecard employees didn’t take action to prevent it.
Mikhail will explore more unethical and illegal behavior, new entities highlighted through the lawsuit, and criminal charges filed against in Austria in next week’s episode. Take advantage of this exciting and informative podcast! Listen now and join the discussion.
Key Highlights:
Request for Courch Change from Apas
KaMuG Test Case
IAASA Assesses Penalties for Bad WUKI Audits
Professional Scepticism and Balance Confirmations
FRC Enforcement
KPMG Kept in the Dark
Two Out of 5000
Compliance Department of One
Lack of Interest in Compliance and Law
Sending Millions By Phone
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Coming off the Rails
Welcome to Season 3 of Lies, Spies & Corporate Crimes: The Wirecard Saga. The Wirecard Saga, has become of the world’s leading sources on all things Wirecard. In The Wirecard Saga; Lies, Spies & Corporate Crimes, host Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors looks at the biggest financial scandal in post-war Germany from a variety of angles. On this episode, our host analyses the series of events connected to the company's downfall and the trial dates, as well as the Singaporean Police Force's investigation. In addition, the podcast examines other entities connected to the Wirecard scandal, including the German Ministry of Defense. Tune in to The Wirecard Saga for all the latest updates!
Key Highlights
Trial dates set in Singapore
Why won’t Germany take up Singapore’s offer?
Braun as Captain of the Titanic
He’s not a joiner
Second guessing CEO’s decisions
Judge Frodisch just can’t understand
TPA’s were firewalls
CEO of only some departments
Another loan to an off-shore entity
EY gets pulled back in
Wirecard Card Solutions’ legacy
PayRNet and RailsR ‘historic’ problem
Lietuvos Bankas says PayRNet engaged in gross TF
From Bad to Worse
Procurement Corruption
4Strat and the Austrian-Russian connection
Notable Quotes
1. "I have never been a gang member or even their leader. I had no personal relationship with any of these people."
2. "I didn't believe for a single second that the business wasn't there." "We said very clearly, we regard the third party partners as an intermediate step. The TPA is reviewed as a form of firewall, essentially, intercessors who create a distance between Wirecard and dealers, that is a layer to appear to reduce risk."
3. "I am convinced that the business existed, but obviously significant parts did not flow into the escrow account.""
4. "You couldn't run everything, the Wirecard Bank. And remember, all those illicit charges on cards needed to be recoded to get past Visa, Mastercard, Wirecard, Amex. And the intermediary banks, don't forget them. There were a lot of moving parts."
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The Men Behind the Curtain
Welcome to Season 3 of Lies, Spies & Corporate Crimes: The Wirecard Saga. The Wirecard Saga, has become of the world’s leading sources on all things Wirecard. In Lies, Spies & Corporate Crimes: The Wirecard Saga; Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors looks at the biggest financial scandal in post-war Germany from a variety of angles. On this episode, Mikhail delves into the ongoing trial of Wirecard and Ollie Bellenhaus, who stand accused of numerous layers of deceit. She covers the landmark decision made by the Irish highest court as well as details around the many underlying entities that could now become exposed as a result. Mikhail also explores the many shell companies created. Tune in to this captivating episode to explore the world of corporate deceit, fraud, and money laundering on the Lies, Spies, and Corporate.
Key Highlights:
· The History of Limited Liability Companies in Britain;
· Allegations of Fraud in Binary Option Trading;
· The Impact of Being Victimized by Financial Fraud Involving a Legitimate Business;
· The Exploitation of Investors;
· The Impact of Directors on Corporate Business: Examining the Cases of Ryan Coats and Liam Granger;
· Credit Card Companies and Financial Services Providers;
· Money Laundering Through Offshore Accounts in Ireland;
· The Irish Central Bank's Concern with Grey Mountain's Unlicensed MSB Operation and Their Response;
· Tax Evasion or Loss of VAT Revenue in Ireland; and
· Directors' Liability in an Irish Company.
Notable Quotes
1. "They label Bellenhaus, a professional liar."
2. "The defense lawyers accused him of so many layers of deceit. It was almost comical."
3. "The court's decision means where a fraud perpetrated can be found to have a nexus through Ireland, there is now a basis to unmask those that ultimately benefited from that fraud no matter where they are."
4. "Until this case, no Irish court had ever held that the veil of incorporation could be pierced or should be pierced in order that directors be held personally liable for the actual emissions of their company, in a case like the one mister Powell was bringing."
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Monkeys in Suits
Welcome to Season 3 of Lies, Spies & Corporate Crimes: The Wirecard Saga. The Wirecard Saga, has become of the world’s leading sources on all things Wirecard. In Lies, Spies & Corporate Crimes: The Wirecard Saga; Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors looks at the biggest financial scandal in post-war Germany from a variety of angles. In this episode, Mikhail brings us all up to date on the status of the court cases.
Some of the highlights include:
An entire Criminal Chamber for Wirecard
Does Braun have the sitzfleisch?
Bellenhaus’s selective memory
Just who exactly was falsifying the documents?
Bellenhaus beats back his better angels
A 500% raise demand
EY had two brushes with the fraud
Auditors give up public accounting licenses and
Apas closes its investigation
Court rejects motions to stay
Rejection may offer ultimate grounds for appeal
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Blunt Force Trauma
Welcome to Season 3 of Lies, Spies & Corporate Crimes: The Wirecard Saga. The Wirecard Saga, has become of the world’s leading sources on all things Wirecard. In Lies, Spies & Corporate Crimes: The Wirecard Saga; Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors looks at the biggest financial scandal in post-war Germany from a variety of angles. In this episode, Mikhail continues her exploration of those persons, entities and governments who have been damaged, some beyond repair, by Wirecard and the nuclear fallout from its scandal.
Some of the highlights include:
Hello! Marsalek
Austria’s DSN finds unexploded ordinance
Gattringer rides again
Marsalek and Grechenig RISE
KPMG to Benko, you need DSIRF
Subzero attacks
Beware of partners selling software
Signa and Benko raided
Germany’s Arne Schonbohm fired
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IT Shopping on eBay
Welcome to Season 3 of Lies, Spies & Corporate Crimes: The Wirecard Saga. The Wirecard Saga, has become of the world’s leading sources on all things Wirecard. In Lies, Spies & Corporate Crimes: The Wirecard Saga; Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors looks at the biggest financial scandal in post-war Germany from a variety of angles. In this episode, Mikhail continues her exploration of those persons, entities and governments who have been damaged, some beyond repair, by Wirecard and the nuclear fallout from its scandal.
Some of the highlights include:
Claims of exculpatory evidence concealed
Much is irrelevant to this trial
Shopping on eBay
Cash to the HedgeHog
Shareholder lawsuit struck down
Germany’s FIU forgets 100,000 STRs
BaFin ups their social media presence
Apas punts
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