EY | FinTelegram News

EY Whistleblower Lawsuit Alleges Big‑Four Giant Enabled US $100 Billion Triad Laundering Through Casino Clients

Auditors Charlene Lensburg - July 25, 2025

A bombshell U.S. lawsuit filed by former EY partner Joe Howie accuses the audit giant of white‑washing casino groups that partnered with convicted junket bosses Alvin Chau and Levo Chan. The complaint paints a 2017‑2024 timeline of ignored red flags, suppressed whistleblowing, and clean audit opinions that allegedly let more than US $100 billion in organised‑crime proceeds wash through global markets.

DWS Picks EY as Auditor—Despite Suing It Over Wirecard Scandal

Auditors Charlene Lensburg - January 31, 2025

In a controversial move, Deutsche Bank’s asset manager DWS has appointed EY as its new group auditor—despite suing the firm for its role in the Wirecard scandal. This marks a high-profile win for EY after a two-year ban from acquiring new listed clients in Germany due to its audit failures in the Wirecard collapse.

Report for FinTelegram: EY’s Controversial Comeback to the Dax League

Auditors tamir - December 19, 2024

EY, the embattled audit giant, has re-entered the Dax-listed audit sphere by securing Qiagen, a biotech heavyweight, as its new auditor. This surprising comeback follows a two-year ban on acquiring listed clients in Germany due to the Wirecard scandal, where EY’s audits faced allegations of gross negligence.

Super Micro Computer’s House of Cards Crumbles: Auditor Exodus Sparks Financial Firestorm!

Auditors tamir - November 2, 2024

Super Micro Computer (SMCI) has been facing significant challenges recently, leading to a sharp decline in its stock price. EY had resigned as its auditor deepening investor worries about accounting practices at the artificial intelligence server maker. The Nasdaq-listed shares of the company, best known for making artificial intelligence (AI) servers, lost 47% over the last three days since.

Wirecard Case: Former Auditor EY Faces €350 Million Collateral Demand in Wirecard Litigation!

Bankruptcies Charlene Lensburg - August 30, 2024

Since December 2022, former Wirecard CEO Markus Braun and two former executives, Oliver Bellenhaus and Stephan von Erffa, have faced charges, including falsifying the group's balance sheets. According to the German prosecutors, the so-called third-party acquirer (TPA) "did not actually exist." The former COO Jan Marsalek remains on the run. Meanwhile, former auditor EY faces massive lawsuits.

Wirecard Audit Controversy: EY’s Role Under Scrutiny by German Audit Watchdog Apas!

Auditors tamir - April 16, 2024

The German audit regulator, Apas, has critically reviewed Ernst & Young’s (EY) audit processes of the now-defunct payments giant,...

Wirecard Drama Continues: Shareholders Take Legal Action Against EY in Germany for Alleged “Trickery!”

Auditors Charlene Lensburg - April 11, 2024

The Wirecard scandal, already infamous for its dramatic revelations and legal entanglements, unfolds a new chapter as former shareholders target EY, the erstwhile auditor of the now-defunct German FinTech giant. This legal move comes amidst growing concerns over EY's recent restructuring, which plaintiffs argue is a maneuver to shield itself from liability. At the same time, Wirecard is reportedly developing into an international espionage thriller centered around Jan Marsalek.

Wirecard Investors Sue EY for €700 Million Over Audit Failures!

Bankruptcies Ben - December 23, 2023

In the Wirecard scandal, a new investor lawsuit is targeting Ernst & Young (EY), the accounting firm responsible for auditing Wirecard’s books prior to its dramatic collapse in 2020. This legal action, representing thousands of individual and institutional investors, is seeking damages totaling over €700 million. Former Wirecard CEO Markus Braun is currently standing trial in Munich, facing charges of accounting fraud, market manipulation, breach of trust, and gang fraud.

The Wirecard Trials In Singapore And Munich And The Troubles With Multi-Jurisdictional Fraud Cases!

Court Cases tamir - August 17, 2023

Three years after German fintech giant Wirecard collapsed, a central figure, James Henry O’Sullivan, has surfaced in court in Singapore. This payments expert and former ally of ex-Wirecard executive Jan Marsalek is facing charges for allegedly aiding in document forgery linked to fintech's operations. In Munich, the Wirecard trial was adjourned for a summer break. Markus Braun sought an immediate release, refuting the prosecutors' claims that he masterminded the fraud.

Audits Are A Problem: PCAOB Report Reveals The Poor Work Of The Big Four Auditors!

Auditors tamir - August 3, 2023

Audits performed by international accounting firms are becoming progressively more defective, posing a threat to investors' decision-making capabilities. A U.S. Public Company Accounting Oversight Board (PCAOB) report revealed that approximately 40% of the audits they reviewed in 2022 were so deficient that the auditing firms lacked adequate evidence to support their opinion on clients' financial statements or financial reporting.

German Accounting Watchdog Banned EY for Two Years Opening Gates For Lawsuits Of Wirecard Shareholder!

Bankruptcies Ben - April 3, 2023

As expected, the German supervisory body for auditors, APAS, has found breaches of duty by auditor EY in connection with the Wirecard scandal and imposed drastic penalties. EY would not be allowed to take on any new audit mandates at companies of public interest for two years, including all listed companies as well as the majority of the financial sector consisting of banks and insurance companies. A fine of €500,000 was also imposed. EY may appeal APAS's ruling.

The New Main Suspect In The Wirecard Trial!

Court Cases Ben - March 14, 2023

Financial Times called James Henry O’Sullivan a hard-partying Englishman. The German prosecutors in the Wirecard trial claim that he was part of the Wirecard fraud scheme in Asia. Allegedly, O’Sullivan cashed hundreds of millions of euros from Wirecard. In Singapore, the 48-year-old faces charges of abetting the falsification of documents, including papers to persuade Wirecard’s auditors EY that the company had extensive cash reserves, which it hadn't.

Tag: EY