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The Wirecard Saga

By: Tom Fox and Mikhail Reider-Gordon
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  • Summary

  • 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.”
    2020
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Episodes
  • Season 3, Episode 40 – Phoning It In

    Season 3, Episode 40 – Phoning It In
    May 10 2023
    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 Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 4 mins
  • Season 3, Episode 39 - Coming off the Rails

    Season 3, Episode 39 - Coming off the Rails
    Mar 3 2023
    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."  Learn more about your ad choices. Visit megaphone.fm/adchoices
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    52 mins
  • Season 3, Episode 38-The Men Behind the Curtain

    Season 3, Episode 38-The Men Behind the Curtain
    Feb 15 2023
    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."  Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 7 mins
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