Skandal! Bringing Down Wirecard: How much money did fraudsters 'embezzle'?

dailystar.co.uk:

fraud.In the UK thousands of Wirecard customers suddenly found themselves locked out of their online bank accounts and unable to pay for essential items.The whole thing was one of the biggest corporate scandals in recent memory and Netflix is dissecting the entire ordeal in Skandal!

Bringing Down Wirecard which is available to watch now.The downfall of Wirecard began in January 2019 when the Financial Times published a series of articles alleging accounting irregularities in the company’s Asian division, which was headed by Jan Marsalek.Wirecard defended itself at the time and batted off the allegations, but it soon unravelled.In June 2020, the German fintech company crashed after admitting to missing the nearly two billion.That month, auditors from Ernst & Young said they were unable to find 1.9billion euros (£1.67billion) of cash in the company’s accounts.The money was supposedly held to cover risks in trading carried out by third parties on Wirecard’s behalf.It was meant to be sitting in trustee accounts at two Philippine banks, but the country’s central bank said the cash never entered its monetary system.The two banks in question, BDO and BPI, denied having a relationship with Wirecard.This kicked off a court case and investigation which is still ongoing.In March 2022, Markus Braun was charged along with two other high-ranking managers for the commercial fraud that led to the implosion of Wirecard.The three executives were accused of embezzlement, market manipulation and gang fraud on a commercial scale, prosecutors said.In a statement, prosecutors said: “All the accused group members were acting in an industrial fashion in these six cases of fraud, because that is how they secured their own salaries, including.