Stocks crashed from 150 to 3. Now these stocks are worth nothing. I remember how this company was advertise as a new economic miracle. New German technology. The company will go bankrupt, their technology will disappear, it is not known to whom to sell. Now the money is lost. Lost 2 billion Euros. A new scandal caused a sharp collapse of acacia Wirecard AG. This is a German payment system traded on a stock exchange. It was founded in 1999 and is based in Aschheim near Munich. Wirecard developed payment transactions, risk management, as well as the issuance and delivery of information. Where two billion disappeared is unknown. Perhaps they never were, but there was an accounting deception to increase the value of the company in order to attract new investments.
The German financial intelligence service Bafin (BaFin) could not notice anything in time. This is a big blow for all shareholders, it undermines the entire financial market. Virecard was a big favorite of a German startup and fintech. A great success story is over.
James H. Freis, Jr. CEO, Wirecard AG. 1970
We are all small people dependent on large. And this sad fact of yet another deception should alert us all. We all want our money to be safe. Be careful.
References
https://www.fraud-magazine.com/article.aspx?id=430
http://www.allgov.com/officials/freis-james?officialid=28560