WIRECARD SCANDAL-CASE STUDY.pptx - WIRECARD SCANDAL Course...

WIRECARD SCANDAL

Course : Ethics & Responsibilities
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Professor: Gregory Shields
Assignment done by:

Greta Cudin

Maha Haman

Sara Ahmed

Jessica Theubet

Introduction:
The electronic mode of operations helped Wirecard conceal
fraud from regulators.
In 2014-2018, Wirecard reported to have liquid interest bearing
assets worth more than €2bn
In the same period, Wirecard attempted to borrow funds to
finance unknown ventures

How could a company attracting cash flows and making a profit borrow yet its balance sheet can finance any
acquisition or investment?
What else could be a false representation of facts?

Key Actors Involved in the Scandal
Markus Braun
Ex-chief executive (CEO)
Arrested for fraud and market
manipulation . From 2015, him and
other executives had forged and
invented financial receipts (Bellier,
2015).
Jan Marsalek
Ex-chief operating officer
On-the-run white - collar criminal :
fraud , criminal breach of trust ,
violation of the German duty on
securities. Contact with Russian
and Austrian secret-services
( McCrum 2020).
Law Firms
They played a major role in
defending Wirecard
- Schillings : accusing Dan McCrum
and the Financial Times of
conspiracy and market
manipulation (McCrum, 2020).
- Fieldfisher : investigated the
Financial Times after Wirecard had
spread rumors about the FT's
involvement in market
manipulation (McCrum, 2020).