Why Wirecard's success was too good to be true
Pay no attention to the man behind the curtain… or in the case of Wirecard, the many red flags that are now so clear in hindsight.
What we now know is daunting. About $2.2 billion missing from the balance sheet; multiple people — up to and including the CEO — under investigation or arrest; and partnership or client relationships that seem to have never actually existed.
And the German regulators chose, time and again, to shoot the messenger. The result is over a decade of wasted time to expose and rein in the misconduct.
Kate Fitzgerald, senior editor at PaymentsSource, talks to Eric Grover, principal of Intrepid Ventures, about the story so far for the now infamous German payments company.