Surprise, Surprise! The Wirecard madhouse was run by a criminal organization, says the German public prosecutor on July 23, 2020. he public prosecutor’s office has allegedly been able to confirm and support these statements with facts. Consequently, the former managers Markus Braun, Burkhard Ley, and the former head of accounting were arrested. The former COO, the Austrian Jan Marsalek remains on the run. But Wirecard is not the only payment processor with close connection to cybercrime and money-laundering.
All posts by bluechipper
Wirecard Madhouse – Braun arrested again; Phony merchants, a porn baron, marijuana, and transaction laundering
In March 2020, the German payment expert Ruben Weigand and the so-called “porn baron” Hamid “Ray” Akhavan have been arrested in California on charges of running a global money-laundering scheme. The center of this scheme is one of the largest on-demand marijuana marketplaces in the US, Eaze Technologies Inc. Both pleaded not guilty but remained in custody at a jail in California. Both have already been involved in the mega-money-laundering scheme of FBME Bank. And yes, there is a rather close connection to Wirecard. Consequently, Markus Braun war arrested again today.
Suddenly everyone is wondering. Suddenly, information about Wirecard’s strange business practices appears everywhere. The involvement of the DAX-listed Wirecard as a payment processor in high-risk businesses such as porn, gambling, or online trading but also the support of illegal and fraudulent transactions such as binary options or marijuana trading are suddenly accepted reality.
The Wirecard case literally gets crazier by the minute. Continuously, we are fed with rumors of ever more fantastic or criminal activities in which the German DAX company and its responsible managers are said to be involved are spreading.We have recently heard that a raid was also carried out on Wirecard’s offices in Dublin, Ireland. Apparently also due to a money laundering report by the European Funds Recovery Initiative (EFRI).
Jan Marsalek has been dominating German media outlets over the last couple of days. The work and disappearance of the Austrian Jan Marsalek hasvebeen a central topic. As Chief Operating Officer (COO) of Wirecard, Marsalek is said to have been the person actually responsible for the day-to-day business. The 40-year-old manager is said to be a mystery. He has no formal education, no high school diploma, and no university degree. He is said to have started his career at the age of 20 and to have built Wirecard’s spider’s nest in recent years.
Our sister site FinTelegram has pointed out many times over the last two years that the German FinTech champion Wirecard has been the financial heart of the international scammer scene. The former Wirecard CEO Markus Braun and his COO Jan Marsalek, for example, have maintained excellent relations with the fraudulent Israeli binary options scammer scene.
When giants fall, they fall fast and loud. And usually cause intense collateral damage. This was also the case with the DAX-listed German FinTech giant Wirecard. At present, the collapse of Wirecard offers the finest popcorn movie. You can literally smell the bad conscience of the German authorities – the public prosecutor’s office and BaFin – because of their omissions of the past.
A lack of funds in the amount of €1.9 billion dragged Wirecard into insolvency, thus causing problems for the company’s auditor EY as well as the German regulatory authority BaFin. The first question to be asked in the first place is whether the funds were ever in Wirecard at all. Most likely not! Another question pops up in this context: Why the Philippines?
For all people familiar with the Wirecard case, the filing for insolvency by Wirecard announced today is no surprise. No surprise at all. Rather expected as the logical result of the endgame that started with Markus Braun’s departure. For sure, the Wirecard Case is far from and will keep BaFin and prosecutors busy. The forensic analysis will most likely uncover interesting facts and connections.