Tag: Felix Hufeld

A Singapore court has sentenced British citizen James Henry O’Sullivan to 6½ years in prison for abetting the falsification of Wirecard-linked escrow/balance confirmation letters—paperwork used to convince auditors that hundreds of millions of euros sat safely in escrow accounts. Wirecard is also Germany's regulatory disgrace!

BaFin's President Felix Hufeld and Vice President Elisabeth Roegele had to resign because of the Wirecard scandal. Germany's Finance Minister Olaf Scholz wants to make a fresh start. In Malta, former CEO Joe Cuschieri and his longtime confidant and MFSA General Counsel Edwina Licari are involved in compliance issues. They have let themselves be invited to Las Vegas by Yorgen Fenech. Fenech is said to be the mastermind behind the murder of investigative blogger Daphne Caruana Galizia and suspected of bribing members of the former Maltese government.

It's stunning. Before the eyes of the world public, the scandal of the DAX listed Wirecard unfolded over years while the BaFin did nothing but file complaints against investigative journalists and traders. BaFin has the legal mandate to protect the capital market and investors. Despite numerous warnings and circumstantial evidence, it has not fulfilled this mandate. BaFin must be accused of gross negligence and embezzlement.