recent accounting scandals 2022recent accounting scandals 2022

The Swiss chemicals maker is delaying publication of its full-year results and has hired Deloitte LLP and Gibson, Dunn & Crutcher LLP to lead an independent probe into its books, Clariant said Monday. WorldCom. Next List of corporate collapses and scandals (See Dirty money pours into the worlds most powerful banks: The FinCEN files, Charles Ponzi's Ponzi Scheme. In June 2019, after the SEC investigation commenced, Kraft restated its financials, correcting a total of $208 million in improperly-recognized cost savings arising out of nearly 300 transactions. A few corruptemployees generally manipulate financial statements to misrepresent facts. ), Soon after, Braun resigned and Wirecard filed for insolvency to protect itself from the $4 billion owed to investors. The fact that they've occurred abroad and not here is cold comfort. 102 It is a case study. sales figures. SEC Charges The Kraft Heinz Company and Two Former Executives for Engaging in Years-Long Accounting Scheme (Securities and Exchange Commission), The World's Largest Food And Restaurant Companies In 2020 (Forbes), This is a BETA experience. This site uses cookies. (The film was produced in part by StarWing Sports Management, which represents Sinner. February 26, 2023 (See SFO Charges Airbus Unit, Three Individuals in Saudi Probe, by Ellen Milligan, Bloomberg, When announcing the report, Business Secretary Kwasi Kwarteng suggested that major new reforms to the audit regime would "restore business confidence" following the major corporate collapses and accounting scandals such as Thomas Cook, Carillion and BHS. One of the most well-known financial scandals of recent times is the Enron scandal, which came to light in 2001. . (Podcast). Copyright 2023 Deseret News Publishing Company. The company also entered into a deferred prosecution agreement with the U.S. Department of Justice as a result of the settlement, after facing charges in the U.S. of conspiracy to violate anti-bribery provisions of the Foreign Corrupt Practices Act and case exemplifies the ability of our prosecutors and law enforcement to work with our foreign counterparts to ensure that corruption around the world is prevented and punished at the highest levels, Liu said. The violations harmed investors who ultimately bore the costs and burdens of a restatement and delayed financial reporting, Anita Bandy, associate director of the SECs division of enforcement, said in a news release. Why? Shakira claims to be innocent and will not accept an agreement with the justice. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. (See Ernst & Young Sued Over Wirecard Big Four accounting firm Ernst & Young will pay $100 million to settle U.S. Securities and Exchange Commission (SEC) charges that its auditors cheated on certified . The Poyais fraud was a major scandal in the 1800s. Have you ever wondered about the number of sacrifices a winning athlete has to make? In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Now he faces a fraud charge, by Jay Weaver, Miami Herald in Tampa Bay News. Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors responsibilities in fighting fraud, including his offices recent observations of shortcomings in the area. conspiracy to violate the Arms Export Control Act and its implementing regulations, the International Traffic in Arms Regulations. America houses many multinational companies and firms and many of the brightest minds work in the country. Watch Vonn and Sinner as they explore the dedication and work required to become the best. (See Airbus to Pay $4 Billion to Settle Corruption Inquiry, In May 2020, U.S. authorities arrested a former U.S. Green Beret soldier and his son, both of whom were wanted by the Japanese government for assisting Carlos Ghosn, the former CEO of Renault and Nissan, in escaping from Japan to Lebanon in late 2019. fraud accusations fly, Executive at Wirecard suspected of using forged According to the SEC's order, from the last quarter of 2015 to the end of 2018, Kraft engaged in various types of accounting misconduct, including recognizing unearned discounts from suppliers and maintaining false and misleading supplier contracts, which improperly reduced the company's cost of goods sold and allegedly achieved "cost savings." by Jason Leopold et al., BuzzFeed, Sept. 20, 2020. The following financial scandals are amongst the biggest in history and illustrate some of the ways unscrupulous people can defraud investors to enrich themselves. Calling out compliance (2022 review) Home Depot compliance overview FedEx: Delivering on ESG Digital Editions Case Studies CW Advisory Board Membership Home Topics Accounting & Auditing AML Anti-Bribery Anti-Corruption Boards & Shareholders Cybersecurity Data Privacy ESG/Social Responsibility Ethics & Culture Europe Financial Services ), In late 2012, the U.K. Serious Fraud Office investigated GPT Special Project Management Ltd., a subsidiary of Airbus, for compliance issues in contracts with Saudi Arabia. and banks such as Credit Suisse Group AG to back the business. A spokesperson for Kraft Heinz told Forbes that the company fully cooperated with the SECs investigation and that it has fixed its bookkeeping processes to prevent future manipulation. Bolstered by this initial success, Luckin convinced investors like BlackRock The U.K. Financial Reporting Council has commenced an investigation into Deloitte over its audit work of car dealership chain Lookers. Airbus A320 assembly at Hamburg, Germany, factory (Photo by Sean Gallup/Getty Images). STAY CONNECTED Without admitting or denying the SEC's findings as to them, Kraft consented to cease and desist from future violations and pay a civil penalty of $62 million, whereas Pelleissone consented to cease and desist from future violations, pay disgorgement and prejudgment interest of $14,211.31, and pay a civil penalty of $300,000. Known universally now as SBF, Bankman-Fried had previously opened a hedge fund with a friend, Gary Wang, called Alameda Research LLC. by Karin Price Mueller, NJ.com, May 12, 2020. . After the Small Business Administration (SBA) rolled out the Payroll Protection Program, valued around $650 billion in loans to small businesses, a moving company owner in Florida received nearly $4 million in loans, which hed declared would cover his Some fraudsters were quick to exploit these government stimulus plans, while others used COVID-19 as a premise for a plethora of cyberfraud and consumer fraud schemes ranging from phishing attacks to sales of counterfeit personal protective equipment, In 2019, KPMG was fined $50 million for using stolen information to alter some of the accounting firms previous audit work and like Ernst & Young, was found to have cheated on training exams according to Reuters. . Back then they werent called hedge funds, they were called partnerships. This oversight has now become the subject of a German lawsuit that alleges EY overlooked $1.1 billion worth of assets that had been incorrectly processed. Over five days in mid-February 2022, liquidators in the Federal Court conducted public examinations in which Big Un's CFO, auditor, company secretary and financier were confronted about their. The collapse of Enron, which held more than $60 billion in assets, involved one of the biggest bankruptcy filings in the history of . There was a accounting scandal in early 2017 at the Italian unit of British phone company BT, in which nearly two dozen people at BT Global Services, including its CEO, CFO, and head of Europe, knew about inflated revenues, bogus contract renewals and invoices, and made up supplier transactions to "meet bonus . recounts, In the ordinary course of providing the loan guaranty, neither the SBA nor any other government agency checked IRS records to confirm that the applicant had paid the payroll taxes represented in the PPP applications.". In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. In 2001, it was revealed that the company had engaged in widespread accounting fraud and had inflated its profits and assets in order to mislead investors and boost its stock price. Clariant AG fell the most in more than two decades after saying the company is investigating allegations by internal whistleblowers that staff manipulated accounts to meet financial targets. of press time, Lee Jae-yong hadnt been arrested because the Seoul Central District Court has refused to issue a warrant for his arrest. Coffee ousts chairman Lu, names GUO as CEO, Reuters, July 13, 2020; See Luckin Coffee fires CEO, COO after sales fraud investigation, by Amelia Lucas, CNBC, May 12, 2020; Demand for Luckin app surges And now, lets see the list ofbiggest recent accounting scandals in America. Chief Lee Jae-yong To Be Arrested On Fraud Charges, by Tom Grater, Deadline, June 4, 2020; Samsung Heir Is Indicted but Avoids Jail, by Choe Sang-Hun, The New York Times, Sept. 1, 2020.). (Lee Kun-hee died Oct. 25, 2020. identity theft and other consumer frauds in 2019, these numbers are often severely understated, and will no doubt be much higher this year. The 10 biggest recent accounting scandals in America have shaken the nation and affected investor confidence. Roadrunner avoids $9.6M in penalties in SEC accounting fraud case, Ex-Iconix CEO found guilty of accounting fraud, Cronos avoids fine in SEC settlement over accounting errors, SEC official advises auditors shift mindset on fraud detection, CHS avoids fine in SEC accounting fraud case, Granite Construction fined $12M over exec accounting fraud scheme, PwC fined $2.1M for audit failures regarding BT Group fraud disclosures, Surgalign to pay $2M to settle accounting fraud charges, Ex-Roadrunner CFO gets two years in prison for accounting fraud scheme, SEC fines telecom Pareteum $500K for overstating revenue, Kraft Heinz fined $62M in SEC accounting probe, Former FTE Networks CEO, CFO charged with accounting fraud, Cherry Bekaert audit partner facing SEC scrutiny over MiMedx fraud case, e-Book: Automate your accounting process: Wring out financial fraud, Want to wring out fraud? The SEC's complaint against Hofmann alleges that he violated the negligence-based anti-fraud provisions, failed to provide accurate information to accountants, and violated the books and records and internal accounting controls provisions of the federal securities laws. The order also finds that Pelleissone violated the negligence-based anti-fraud, books and records, and internal accounting controls provisions of the federal securities laws and additionally, failed to provide Kraft's accountants with accurate information and caused Kraft's reporting, books and records, and internal accounting controls violations. And without admitting or denying the SEC's allegations, Hofmann consented to a final judgment permanently enjoining him from future violations, ordering him to pay a civil penalty of $100,000, and barring him from serving as an officer or director of a public company for five years. In the DOJs announcement of the settlement, U.S. Attorney Jessie K. Liu underscored the importance of the international scope of the investigation with the cooperation of three nations. However, an investigation revealed that his companys monthly expenses averaged around $200,000. Soon after, Braun and several other executives were arrested on accounting fraud and market manipulation charges. As company records show, in 2018, Luckin was operating at expenses that were almost triple its total sales. According to the SEC's order, from the last quarter of 2015 to the end of 2018, Kraft engaged in various types of accounting misconduct, including recognizing unearned discounts from suppliers and maintaining false and misleading supplier contracts, which improperly reduced the company's cost of goods sold and allegedly achieved "cost savings." And that includes the. (See Airbus Enters Into A Coordinated Resolution Of Foreign Bribery Investigation With U.S., U.K. And French Authorities For A Total Of 3.6 Billion, Corporate accounting scandals are by no means confined solely to America, but are also commonly seen in other regions and countries as well. Copy link. California-based civil engineering and infrastructure firmGranite Construction agreed to pay $12 million to settle Securities and Exchange Commission charges alleging fraud related to inflation of the companys financial performance. 4. Apparently, Wirecards story will continue throughout 2021. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. Former Odebrecht monitor to lead Brazilian retailer's internal investigation . Airbus. Google was already fined 100 million (over $120 million) in December 2020 for similar violations. Chief Lee Jae-yong To Be Arrested On Fraud Charges, Men accused of helping ex-Nissan chief Carlos Ghosn escape from Japan arrested, 2 Americans accused of helping ex-Nissan Chair Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Ponzi schemes and pyramid schemes are illegal in most countries. The SEC's investigation was conducted by Seth M. Nadler, Thomas B. Rogers, James Connor, Gary Peters, with assistance from Sarah Concannon and Thomas Bednar, and was supervised by Greg Faragasso and Ms. Bandy. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Product Visual Insights Audience insights. Warren Buffett took 25% of all returns in excess of 6 percent. Enron scandal, series of events that resulted in the bankruptcy of the U.S. energy, commodities, and services company Enron Corporation and the dissolution of Arthur Andersen LLP, which had been one of the largest auditing and accounting companies in the world. We were all glad to discard our 2020 calendars. Watch our on-demand webinar to hear our analysis of the top strategic moves for CFOs for 2023. The stock market reaction to the findings was brutal and immediate. By Pete Williams. 2020. Hear the latest economic, business and market news, as well as global, national, and local news. In July, the U.S. Securities and Exchange Commission ( SEC) charged the telecommunications and technology systems company FTE Networks with conducting a multi-year accounting scam. Clariant said it expects to have met its forecast for an adjusted earnings margin of 16% to 17% before interest, taxes, depreciation and amortization in 2021, based on current knowledge.. This fraud was certainly the most audacious and imaginative of all, as the perpetrator, Gregor MacGregor, created an . ACFE President and CEO Bruce Dorris, J.D., CFE, CPA, reflects on the lack of oversight and controls that led to the fall of FTX and the importance for CFEs to prevent and detect fraud in the growing cryptocurrency market. Heres why that matters. With nearly 6,000 employees spread over 26 countries and a place on Germanys list of top 30 companies, the fintech behemoth must have thought itself too large to fail. (See Men accused of helping ex-Nissan chief Carlos Ghosn escape from Japan arrested, by Luke Barr, ABC News, May 20, 2020; new source for approved the mens extradition; 2 Americans accused of helping ex-Nissan Chair List of major corporate collapses [ edit] Bernie Madoff. On Oct. 28, 2020, NS8 filed for bankruptcy. After a series of fraud allegations and investigations into its accounting practices over the course of 2019, Wirecard confessed to the disappearance of more than $2 billion from its assets. Top officials of another major multinational company (Tyco) stole millions of dollars from the companys accounts. Heres what we know, Unprecedented Utah bill would allow developers to create own districts. The Securities and Exchange Commission is considering whether to pursue enforcement against a certified public accountant for his alleged role in an accounting fraud case the agency brought against biotech company MiMedx Group. Kraft Heinz fined $62M in SEC accounting probe By Jaclyn Jaeger 2021-09-03T15:03:00 Kraft Heinz agreed to pay $62 million as part of a settlement with the SEC for improper accounting that led to the restatement of several years of financial reporting. That number is up from 36% a year ago, according to a new BDO survey. PwC will pay a reduced fine of 1.75 million pounds (U.S. $2.1 million) as part of sanctions against the Big Four firm for failures in its fiscal year 2017 audit at BT Group after the U.K. telecommunications company adjusted its financials to reflect a fraud scandal in Italy. From scandals like doping to arrests and murder, we have compiled some of the biggest news that broke in the sporting world. (See U.S. cornonavirus fraud losses near $100 million as COVID scams double, ), As a result of the Serious Fraud Offices allegations after their probes, U.S. and French authorities joined the investigation, which led to the nearly $4 billion settlement, split between the countries with 2.1 billion euros going to France, 984 million the extradition of the men, sending the final decision up to the U.S. State Department. That was the rank of Kraft Heinz among the worlds largest food companies in 2020, according to Forbes Global 2000, which measures them by revenue, market value and other figures. An SEC investigation revealed that the company's CEO, Jeff Skillings, and former CEO, Ken Lay, had kept billions of dollars of debt off the company's balance sheet. July 30, 2020; Airbus to in Fraud Magazine. The misconduct resulted in KHC reporting inflated [EBIDTA], a key performance metric for investors, the SEC said. InStock trading scandal. The Florida mans criminal affidavit (See Critics Ire Turns On Auditor EY After Wirecard Collapse, Use Cases. likely doesnt exist, by Shalini Nagarajan, Markets Insider, June 22, 2020. Steve Denison, the PwC accountant who audited the accounts, was fined 325,000 . Now, if Google doesn't fix the problem within three months, it will owe an additional 100,000 (over $110,000) per day. They do so either byoverstating revenue and assetsor by understating expenses and liabilities to mislead investors/creditors and make money dishonestly. As a result, finance and gatekeeping personnel repeatedly overlooked indications that expenses were being improperly accounted for. Financial scandals since 2000 Rating: . Minnesota-based agricultural cooperative CHS settled charges levied by the Securities and Exchange Commission that the company violated federal securities laws when it filed materially false financial statements with the agency over five years. in recent memory. . The SEC found this accounting fraud during an IRS investigation. The unfortunate deluge of fraud cases each year makes it impossible to highlight all but the most inflammatory stories, so weve included a few dishonorable mentions that feature fraud cases notable for the brazenness of the fraudster or the sheer shock An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). (See Fraud Prevention Startup NS8 Lays Off Hundreds, CEO Departs Amid SEC Fraud Investigation, by David Jeans, Forbes, Sept. 11, 2020; CEO Of Cyber Fraud Startup NS8 Arrested By Sales of gray market products generally are viewed as legal, but diversion of deeply discounted products from authorized distribution networks is often based upon fraud. The settlement with Hofmann is subject to court approval. more than $26.9 billion but plummeted to less than $3.6 billion by the end of June 2020. . To take stock of last year and its implications for the anti-fraud Wells Fargo subsequently dealt with civil and criminal . Kraft Heinz has agreed to pay $62 million to settle charges that its procurement division improperly managed expenses to deliver unrealistic cost savings and inflate profits. Mississippi Bubble. on its head. (See Global banks defy U.S. crackdowns by serving oligarchs, criminals and terrorists, ICIJ, Sept. 20, 2020.). We've distilled a long list of cases to give you a few shockers. Warren Buffett has been investing and compounding for at least 65 years. Develop meaningful, trusted KPIs and reports using the step-by-step guide detailed in this webinar. Feb 28: Accelerate your sustainability journey, Strategies for balancing risk/reward of investing in new technologies, e-Book: Weighing risk/reward of artificial intelligence, e-Book: TPRM: No one-size-fits-all approach. Automate your accounting processes, FRC to investigate Deloitte over Lookers audits, Luckin Coffee to pay $180M for accounting fraud, SEC charges Sequential Brands for goodwill impairment failures, Lookers discloses $60.5M loss following accounting fraud probe, SAExploration accused of $100M accounting fraud. In January of 2020, Luckins stock was valued at $50 a share; the initial value had been a mere $17. Another chapter in the white collar crime saga of the early 2000s, the InStock trading scandal made headlines because of the involvement of Martha Stewart, who sold about $230,000 of the company's stock a day before an experimental cancer drug failed to gain FDA approval. Enron, and other corporate accounting scandals, Congress passed the Sarbanes-Oxley Act (SOX), a corporate governance law which, among other things, holds top executives personally liable for the . SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue. Financial scandals since 2000. ), Though Airbus was the subject of these investigations, the company initiated the probes after finding a trail of questionable business practices during an internal audit in 2016. by Jonathan S. Kolodner et. Despite their seemingly good intentions, our final dishonorable mentions are almost laughable for their callousness in turning their anti-fraud work It operates in Europe, Africa, Asia, the U.S., Australia and New Zealand. Maybe that will finally light a fire under the trillion-dollar data hoarder. Kraft, in turn, touted these purported savings to the market, which were widely covered by financial analysts. Get our editors daily picks straight in your inbox! Wells Fargo. Kraft Heinz agreed to pay $62 million as part of a settlement with the SEC for improper accounting that led to the restatement of several years of financial reporting. In Nigeria, Ibrahim Magu, the acting chairman of the countrys Economic and Financial Crimes Commission, the agency responsible for looking into and charging companies and individuals with financial crimes, was arrested for involvement in re-looting recovered The ICIJ thoroughly investigated these 2,100 reports, but theyre only a miniscule fraction As part of its financial restatements as a result of the scandal, Kraft Heinz officials ultimately wrote down the value of its Kraft and Oscar Mayer divisions by $15 billion, reported a fourth. As the pandemic led to massive shutdowns in many nations, governments responded with a wide range of stimulus measures, including Authorities in South Korea indicted Lee Jae-yong, the vice chairman of Samsung and arguably the most influential South Korean businessman, along with 10 other current and former Samsung officials. Its simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things, said the SEC Director of the Enforcement Division, Gurbir S. Grewal. View the video. Kotbs Extended Absence From Today Show Concerns Fans, SEC Charges The Kraft Heinz Company and Two Former Executives for Engaging in Years-Long Accounting Scheme, The World's Largest Food And Restaurant Companies In 2020. 4. But then, in 2020, one of the greatest scandals in coffee history dealt a venti sized blow to its chances against its Americano rival. The companys February 2019 announcement that it was being investigatedpaired with news that it was cutting its dividend and writing down by $15.4 billion the value of Kraft and Oscar Mayer, two of its most well-known brandserased 20% of its share price in just one day of after-hours training, according to the Wall Street Journal. When the German financial technology company Wirecard delayed the public release of its 2019 financial results in June 2020 after revealing it couldnt account for more than $2 billion in cash assets, the news reduced the companys stock price by more The Securities and Exchange Commission today charged The Kraft Heinz Company with engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting. Luckin Coffee #3. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting . Takata Airbag Scandal. The company in question is Synchronoss Technologies, which . Mon 8 Aug 2022 07.56 EDT Last modified on Mon 8 Aug 2022 07.58 EDT PwC has been fined almost 1.8m for failing to properly scrutinise the accounts of telecoms company BT after a 500m. We initially share this idea in October 2018 and the stock already returned more than 150%. Over years, employees also cheated on the ethics portion of the CPA exams. 31 May 2022. So without further ado, let's begin. Provided by BlackLine Systems. The cost-saving strategy, including its impact on costs of goods sold, was widely covered by analysts at the time, the SEC noted. Wirecard. General Electric's stock plunged on Thursday after a whistleblower accused the conglomerate of misleading investors by allegedly engaging in a $38 billion accounting fraud. After an internal investigation revealed the scale of these problems, senior lawyers and Ernst & Youngs senior management did not correct the information given to the SEC. Fraudsters are using dilutions, substitution, counterfeits and mislabeling to infiltrate the global food market; a software engineer in Washington steals from his employer in a scheme inspired by the comedy movie "Office Space"; executives in South Korea are convicted in a $1.5 billion V Global scam. (See Nigerias anti-corruption boss arrested for corruption, by Aanu Adeoye, Mail & Guardian, July 9, 2020. The Wirecard scandal brought the role of big auditing firms into focus. What allows bad actors to perpetuate accounting fraud? Coffee ousts chairman Lu, names GUO as CEO, Luckin Coffee fires CEO, COO after sales fraud investigation, Demand for Luckin app surges List of 10 Major Accounting Scandals In this article, we will briefly discuss 10 major accounting scandals that surfaced in the recent past. ), Lee Kun-hee was previously convicted twice of bribery and other corruption charges, and Lee Jae-yong previously spent a year in confinement on charges that he bribed the impeached and ousted former president of South Korea, Park Guen-hye. to suspicion that Airbus actively engaged in fraudulent dealings predicated on bribery and corruption. The CPA Journal is a publication of the New York State Society of CPAs, and is internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators, and other financial professionals all over the globe.Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they need to succeed in . In January 2020, France-based aviation company Airbus agreed to pay combined penalties of more than $3.9 billion, the largest fine ever recorded in a bribery case, to settle foreign bribery charges from authorities in the U.S., France and the U.K. ENRON at the degree of ineptitude or scandal. Luckin Coffee at Beijing Mall, Wangfujing (Photo by N509FZ/Creative Commons Attribution-Share Alike 4.0 International license), The Nasdaq-listed, Chinese-based coffee company Luckin Coffee Inc., which managed to overtake Starbucks in total locations within just more than two years of being founded, announced in April 2020 that an internal audit revealed allegations of fabricated Procurement employees negotiated agreements with numerous suppliers to obtain upfront cash payments and discounts, in exchange for future commitments to be undertaken by Kraft Heinz. German authorities raid Deutsche Bank again in cum-ex investigation. (See COVID-19 contact tracing text message scams, FTC. Boxer Simiso Buthelezi died after a bizarre bout. ), Braun even attempted to suggest that Wirecard had been the victim of fraud: It cannot be ruled out that Wirecard has become the aggrieved party in a case of fraud of considerable proportions, he said in a video statement that has since been deleted.

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