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Wirecard Scandal

Wirecard AG, once a leading fintech company in Germany, collapsed in June 2020 after admitting that €1.9 billion in trust accounts likely never existed. The scandal revealed extensive accounting fraud and failures in oversight by the board, auditors, and regulators. This incident marked Germany's largest post-war corporate fraud and underscored significant weaknesses in corporate governance and financial regulation.

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51 views1 page

Wirecard Scandal

Wirecard AG, once a leading fintech company in Germany, collapsed in June 2020 after admitting that €1.9 billion in trust accounts likely never existed. The scandal revealed extensive accounting fraud and failures in oversight by the board, auditors, and regulators. This incident marked Germany's largest post-war corporate fraud and underscored significant weaknesses in corporate governance and financial regulation.

Uploaded by

arrianneacop03
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Wirecard AG, founded in 1999, was once hailed as Germany’s leading fintech company, specializing

in digital payment processing and financial services worldwide. For years, it was celebrated as a star
of the German stock market and even joined the prestigious DAX index. However, in June 2020,
Wirecard shocked the financial world when it admitted that €1.9 billion supposedly held in trust
accounts likely never existed. The scandal exposed a massive accounting fraud involving fabricated
revenues, misleading financial statements, and inadequate oversight by the board, auditors, and
regulators. Ultimately, Wirecard collapsed into insolvency, becoming Germany’s largest post-war
corporate fraud and highlighting critical weaknesses in corporate governance, auditing, and financial
regulation.

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