Tag: EY

Wirecard suspects Henry O'Sullivan and Jan MarsalekT
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March 14, 2023

The New Main Suspect In The Wirecard Trial!

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.
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EY Germany escapes investigations and sanctions of its watchdogG
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January 25, 2023

German EY Auditors Renounced Licenses And Escaped Potential Sanctions!

The Auditor Oversight Authority APAS, part of the German Federal Office of Economics and Export Control, has been exercising profession-independent oversight of auditors in Germany since 2016. According to a Financial Times report, APAS closed investigations against four current and former EY auditors involved in the audit procedures of collapsed Wirecard. They renounced their professional licenses and left the profession earlier this month.
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Tether appoints BDO Italia as auditorP
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August 18, 2022

Promising: Stablecoin Tether Will Be Audited By BDO Italia!

Tether Holdings Ltd, the disputed issuer of the world’s largest stablecoin Tether (USDT), retained BDO Italia, the Italian arm of the world's fifth largest accounting firm, to issue assurance and attestation reports of its reserves. Tether has previously worked with two Cayman Islands-based accounting firms, Moore Cayman and MHA Cayman. In 2021, Tether settled with the New York Attorney General's office with an $18.5 million an investigation into the company's practices.
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Satabanka FIAU fines have been reduced by courtM
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June 5, 2022

Malta’s FIAU Excessively Over-Fined Notorious Satabank!

A fine imposed on the now-defunct Bulgarian-owned laundromat Satabank plc by Malta's Financial Intelligence Analysis Unit (FIAU) has been slashed from €327,500 to €68,000 after the bank appealed the penalty. The FIAU announced that a fine they had issued against the bank in October 2018 had been reduced by the Court of Appeal (Inferior Jurisdiction). As usual, details of the judgment have not been disclosed to the public. Satabank became notorious with a €3.7M AML/CFT penalty.
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Open EFRI Letter to FATF cybercrime in GermanyF
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August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Currently, the Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities, auditors, and politicans are sort of playing the "Trip to Jerusalem" or "Musical chair" and deny any guilt in causing this drama. The frightening truth is that Germany has a systemic problem with cybercrime and money laundering. The consequence of this truth is that Germany must review the state of its authorities and its approach to cybercrime. And FATF should have a very close watch!
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August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Currently, the Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities, auditors, and politicans are sort of playing the "Trip to Jerusalem" or "Musical chair" and deny any guilt in causing this drama. The frightening truth is that Germany has a systemic problem with cybercrime and money laundering. The consequence of this truth is that Germany must review the state of its authorities and its approach to cybercrime. And FATF should have a very close watch!
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Wirecard and EYW
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July 24, 2020

Wirecard cybercrime case turns into a lethal EY scandal

The Wirecard cybercrime case is developing more and more of a lethal scandal for the auditor EY. Over the years, EY may have systematically failed to ask critical questions and to carry out proper auditing activities. For years, unqualified audit opinions were issued and fueled the Wirecard hype. Such an unqualified audit opinion was apparently also planned for 2019, despite the many publicly known facts and despite the KPMG report already available. This was disclosed to the Financial Times by a whistleblower.
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