Financial crimes

Wirecard auditors say ‘elaborate’ fraud led to missing billions

Bug in the system, again; the category is fraudster; pit stop; and other highlights of recent tax cases.

Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

Britain’s audit industry faces another dent to its reputation as the nation’s accounting watchdog ordered a probe into PricewaterhouseCoopers LLP, Ernst & Young and Oliver Clive & Co.’s work for defunct London Capital & Finance Plc.

Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Wirecard AG was left fighting for survival after acknowledging that 1.9 billion euros ($2.1 billion) that it had reported as assets probably don’t exist, deepening an accounting scandal that has rattled Germany’s financial industry.

Markus Braun’s almost two decades as Wirecard AG’s chief executive officer ended after accusations about the company’s accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).

Not ferry nice; bettering their living conditions; precious Metal; and other highlights of recent tax cases.

Wirecard suffered one of the worst stock slumps in the history of Germany’s benchmark index after revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing, spooking investors who have endured years of allegations of wrongdoing at the payments company.

Disunion; $13K in cigars; ‘til theft do us part; and other highlights of recent tax cases.

Steinhoff International Holdings NV is paying for forensic auditors at PwC to help South African anti-corruption police investigate alleged financial wrongdoing that brought the retailer to the brink of collapse.

Root of a problem; in the pipeline; little oversight; and other highlights of recent tax cases.

On the run; Talent for fraud; relative chips in; and other highlights of recent tax cases.

South Korean prosecutors have summoned Samsung Electronics Co. Vice Chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing another legal blow to the country’s largest corporation.

The short version of Hertz Global Holdings Inc.’s bankruptcy story goes something like this: Global pandemic obliterates the travel business and lands an iconic 102-year-old company in court to seek protection from creditors.

Yacht happening; going, going, gone; grey and bootleg; and other highlights of recent tax cases.

The Securities and Exchange Commission announced Tuesday settled charges against three former KPMG audit partners for sharing answers to internal training exams.

The Internal Revenue Service’s Criminal Investigation unit spent more than $1.3 million in fiscal year 2018 on undercover confidential operations, including travel costs, according to a new report.

Grant Thornton CEO Brad Preber and principal Linda Miller, who leads the firm's fraud and financial crimes practice, offer strategies to help businesses protect themselves from fraud amid the pandemic environment.

China’s securities regulator blacklisted six executives for their role in a $4.2 billion accounting scandal at Kangmei Pharmaceutical Co., one of the country’s biggest drugmakers.