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In First 2 Days at Wirecard, Ex-FinCEN Director Saw ‘Obvious’ Fraud

By Daniel Bethencourt

A former U.S. official accused top auditing firms of failing to address patterns of financial crime he discovered in his first two days at Wirecard, the German payment processor that collapsed this year amid accusations of massive fraud and money laundering by senior executives. James Freis, 50, who led the Treasury Department's Financial Crimes Enforcement Network from 2007 to 2012, joined Wirecard in June at the same time that suspicions of large-scale financial crime had begun swirling around the fast-growing fintech, which is now the subject of liquidation after exceeding a market value of more than $20 billion. Freis, who...

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