2) Another lesson is how hard it is to be a short seller.

The company disavowed involvement in the mystery surge in a press release. jo.type = 'text/javascript'; Please speak to a licensed financial professional before making any investment decisions. ALL RIGHTS RESERVED. JPMorgan predicts the election outcome that will send gold prices soaring, Forget Biden Blue Wave and Trump Train – here’s the real winner that will drive stocks. Jacob lives with his wife and four kids in Passaic NJ.

We respect your privacy. The revenue from those businesses was deposited in trust accounts rather than paid straight to the company. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. Q1 2020 hedge fund letters, conferences and more.

Wirecard AG is a payment processor headquartered in Munich, Germany. DWS ended its commercial relationship with Big Four firm EY over concerns that the asset manager could become conflicted in potential lawsuits against the accounting firm or the failed fintech company, according to a spokesman. © 2020 VALUEWALK LLC. The Wirecard logo is seen at the payment company's headquarters in Aschheim near Munich, southern Germany, on June 24, 2020. Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. Get the entire 10-part series on our in-depth study on activist investing in PDF. The auditor subsequently signed off on three years of Wirecard's financial results with those arrangements in place. Wirecard explained that the money was kept that way for risk management, saying it could be saved to provide refunds or chargebacks if needed. The Wirecard scandal is a series of accounting scandals that resulted in the insolvency of Wirecard, a German payment processor and financial services provider that was part of the DAX index. In the ongoing scandal of Wirecard, under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard's "unorthodox financial arrangements" as far back as 2016, The Wall Street Journal (WSJ) reported. Additionally, EY reportedly failed to request information for years from a Singapore bank about 1 billion euros ($1.12 billion) that Wirecard claimed to have stored there, which a report said could have shown more clearly what was going on in terms of Wirecard's mismanagement of funds. Ernst & Young GmbH, auditor to insolvent German fintech company Wirecard (WDI.DE), had questions related to unorthodox arrangements under which the company's cash was held in bank accounts it didn't control as far back as 2016, according to emails seen by the Wall Street Journal. Sign up below!
Wirecard, once a darling of the tech scene, has seen its value almost totally erased by the scandal, and Founder and CEO Markus Braun was arrested and later released on charges of manipulating the market.

Wirecard employed an unconventional measure in which it used third-party partners to process payments in countries where it wasn't licensed.

I also own a few grams of Gold and Silver. Hard Times For Soft Drinks As Coca-Cola Puts The Lid On Tab, Port Data Show Inventory Boom – Or Bust? Deutsche Bank’s asset-management division, DWS, will no longer use EY as its auditor in the aftermath of the €1.9bn alleged fraud at German payments processor, Wirecard.
; two obvious frauds. Excerpt: We are short $IDEX and believe it is heading near its March lows of $0.30 if it somehow avoids a regulatory halt that could see its shares go lower. One is how conflicted and/or incompetent auditors can be, as this Wall Street Journal story highlights: Wirecard Scandal Puts Spotlight on Auditor Ernst & Young. We won't send you spam. The day before, on June 9th, Chinese courts rendered an RMB 350 million asset freeze on assets of Wins' operating subsidiary. ValueWalk also contains archives of famous investors, and features many investor resource pages. And here's his follow-up report: Ideanomics Walks Back 1m Sq Ft Claims Today; Our Visit To IDEX's 'MEG' Facility Shows Zero Company Presence. Since 2015, $IDEX has had 6 CEOs, 6 CFOs, four different company names, and has had 10 board members leave. Unless you have a crystal ball, finding the next hot stock is almost impossible. Marc Liebscher, a lawyer with the Berlin firm representing private Wirecard investors, called EY’s auditing "a disaster" and said the firm "should stand trial" as well, WSJ reported. ValueWalk.com is a highly regarded, non-partisan site – the website provides unique coverage on hedge funds, large asset managers, and value investing. If you’re looking Read More. How do Contracts for Difference Represent a Valid Trading Strategy Amidst a Highly Volatile Market? ‘How are you going to learn properly?’: JPMorgan CEO Jamie Dimon warns over increasing negatives of working from home, Amanda Staveley vs Barclays: The unforgettable drama that unfolded, Rolet’s LSE legacy is secure, even without the perfect swansong, Trump or Biden? Wirecard Scandal Puts Spotlight On EY; Two Obvious Frauds, Please speak to a licensed financial professional, Wirecard Scandal Puts Spotlight on Auditor Ernst & Young, Wirecard Shows Life at Hedge Funds Can be Agony, Losing With WINS: NASDAQ's Latest Disgrace Has No Financials, An Insolvent Parent Entity and Is Embroiled in What Appears to Be an Obvious Pump and Dump, Ideanomics Walks Back 1m Sq Ft Claims Today; Our Visit To IDEX's 'MEG' Facility Shows Zero Company Presence. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Excerpt: b) Here's Anderson's Twitter thread on Ideanomics (IDEX). var jo = document.createElement('script'); Get our hottest stories delivered to your inbox.


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