{"id":42243,"date":"2020-06-29T07:01:09","date_gmt":"2020-06-29T07:01:09","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=42243"},"modified":"2020-06-29T07:01:09","modified_gmt":"2020-06-29T07:01:09","slug":"wirecard-files-for-insolvency-following-2-billion-fraud-scandal","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\/","title":{"rendered":"Wirecard Files For Insolvency Following $2 Billion Fraud Scandal"},"content":{"rendered":"<p style=\"text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-42244\" src=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2020\/06\/wirecard-300x194.jpg\" alt=\"\" width=\"300\" height=\"194\" srcset=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2020\/06\/wirecard-300x194.jpg 300w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2020\/06\/wirecard-768x495.jpg 768w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2020\/06\/wirecard-1024x660.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Online payments company Wirecard has filed for insolvency following a huge accounting fraud scandal hitting the company. The German based firm said last week that the $2.1 billion missing funds\u201d most likely do not exist.\u201d<\/p>\n<p style=\"text-align: left;\">The company said that at present it will still be operational by the Management Board saying, &#8220;The management board is of the opinion that continuation is in the best interests of the creditors,&#8221; it said in a statement.<\/p>\n<p style=\"text-align: left;\">&#8220;With the exception of a small development branch office, no insolvency applications have been filed by Group companies at present.&#8221;<\/p>\n<p style=\"text-align: left;\">Payments for merchants of the firm&#8217;s banking arm, Wirecard Bank, &#8220;will continue to be executed without restrictions,&#8221; it finished by saying.<\/p>\n<p style=\"text-align: left;\">However just a few hours after filling for insolvency in a court in Munich accounting firm Ernst Young (EY) said that the company had carried out an &#8220;elaborate and sophisticated fraud&#8221; across the world &#8220;with a deliberate aim of deception.&#8221;<\/p>\n<p>But EY themselves are now coming under fire as the audit company of Wirecard for recent years, it is reported that a group of investors led by a German law firm are considering legal action against EY for failure to ensure proper audits during their work for Wirecard.<\/p>\n<p style=\"text-align: left;\">In the UK the financial watchdog the FCA said it has \u201cfrozen Wirecard&#8217;s operations there to protect its users&#8217; funds.\u201d<\/p>\n<p style=\"text-align: left;\">Markus Braun the founder and former chief executive officer of the company had been arrested on suspicion of falsifying accounts and is now currently on bail awaiting further investigation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Online payments company Wirecard has filed for insolvency following a huge accounting fraud scandal hitting the company. The German based firm said last week that the $2.1 billion missing funds\u201d most likely do not exist.\u201d The company said that at present it will still be operational by the Management Board saying, &#8220;The management board is [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":42244,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,11,8],"tags":[],"class_list":["post-42243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","category-headlines","category-latest"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wirecard Files For Insolvency Following $2 Billion Fraud Scandal - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wirecard Files For Insolvency Following $2 Billion Fraud Scandal - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"Online payments company Wirecard has filed for insolvency following a huge accounting fraud scandal hitting the company. The German based firm said last week that the $2.1 billion missing funds\u201d most likely do not exist.\u201d The company said that at present it will still be operational by the Management Board saying, &#8220;The management board is [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gaming-awards.com\/NEWS\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\/\" \/>\n<meta property=\"og:site_name\" content=\"iGaming Post\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-29T07:01:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2020\/06\/wirecard.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"1935\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Debbie\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@igamingpost\" \/>\n<meta name=\"twitter:site\" content=\"@igamingpost\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Debbie\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\\\/\"},\"author\":{\"name\":\"Debbie\",\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/#\\\/schema\\\/person\\\/ec908169f7d4e72f9d6188460253f623\"},\"headline\":\"Wirecard Files For Insolvency Following $2 Billion Fraud Scandal\",\"datePublished\":\"2020-06-29T07:01:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\\\/\"},\"wordCount\":258,\"publisher\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/wirecard.jpg\",\"articleSection\":[\"Europe\",\"Headlines\",\"Latest\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\\\/\",\"url\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/wirecard-files-for-insolvency-following-2-billion-fraud-scandal\\\/\",\"name\":\"Wirecard Files For Insolvency Following $2 Billion Fraud Scandal - 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