svenne time back from another friend you're watching live from berlin we will keep you updated on the oscar is taken place in los angeles stay tuned now for a documentary about the rise and fall of wire cart possibly germany's a guest post for financial scandal on a fairly i mean and the news jamie thank you so much for a company that. when you hear me know here's we're going to do and how long the city is just one song it's now we'll bring you an angle a man called as you've never could have been surprised to see what disposable who is medical really what we. want. to talk to people who are on the way maurice and critics who want to join us for metals lock stock.

see a get out that the ladies and gentleman i would like to issue the following statement on behalf of the board of water cargo up here i think i watch the video i think i've washed a 120 tons is come to go to the east coast cannot be ruled out that wire card may have been the victim of fraud on a grand scale you she'd pick people you knew these guys were were done. thank you. i just laughed i was happy. why are card shares are crashing just listed is why i think you know target is a good omen services provider of wire cards home builders it's a mixture of crime drama and auction fill us in this manic so. this. was like being punched in the stomach. it was like finding out after 30 years of

marriage that you've been cheated on for 20 minutes and it's on c shonda torn. a.c.l. by garage i can hold on to him while i call that i could ever imagine. well i felt on top of the world i've never been so happy. when mubarak in law had to fill myself up which i did so i could sleep it's a disaster because. the spine of this was terrible news for germany's financial sector and for the investors they got by a copper wire card is my roof that nothing in life is impossible the unthinkable can happen. says. the. man know my name is paid to have

a role and i'm the actual inventor and founder of wild caught owns it's basically my brainchild if. it's almost a move seemingly it came to me 997 as i was sitting on my couch with a glass of wine we've also and asking myself was quotes the next big thing. and then i started thinking games all in time in the transactions there is always a customer and event that if they don't know what trust the job of all the almost if and my idea of the time was to create a trusted mediator states to ensure that the payment is processed and also the product is delivered if it. is not on that was the identify what color and. always is maybe seen those but i soon realised that if i wanted to go thinking i definitely needed external investment of this one. so i started looking for songs.

2000 in 2001 there were 60 employees it was caught off to send to fields with a certain pride like watching your child grow up. so to me mom takes a company was looking for a technical director back then a certain mr marshall a complied and then the interview he made an open sophisticated impression typical viennese humanism. extreme he was extremely friendly with a great presence as he had always been before so i kind of wondered at the times in seeing this 19 year old with no high school diploma. is all this stuff he's saying really credible state of al so. i just visited a key thing here has disappeared in the multi $1000000000.00 wire card accounting wire card board member yawn marshaling maybe and bellows roots according to media

reports of 40 in the philippines corrupt officials helped cover up form of board member mash next traffic station. my name is mark hold us some people would say i'm retired but i'm a restless soul so i do a number of things one is i raise chickens i also grow fruit. but most people know me for shorting stocks finding and rooting out corporate fraud and exposing rascals in the marketplace both in the united states and abroad. well people don't like short sellers it's not just a german thing i myself i'm. hated in canada i was hated and brussels.

well short selling is a part of the financial markets. and we have the possibility to restrict it at times when that makes sense of it often involves very profit oriented speculation. but that doesn't make it completely unreasonable. ns image. is tight i wasn't i and i started working at wild card in 2003 there was a relatively small number of employees sasha the company's core business was paying in processing like today. i describe this concept online payment and once online payments got started of course the areas of pornography and online gaming really took off gaming harder at least as far too often why a consummate business was in a serious caught bargain are often doesn't buy to fill its windows and i had this

as what his 1st along in 2003 i had a 2nd job interview with marcus brown on i didn't want to arm them all the foggiest in which i was asked whether i would have problems dealing with adult entertainment content and that i was a washington entertainment's a short introduction to myself i'm to see of what occurred since 10 years why a card just the way they are my paper processing company dr procter grown came from a renowned management consultancy 3 years accordingly he was quite standoffish the i'm even off the water card was sold he switched to the board of directors and continue running the new wild card. i am just an army doctor not just last night we arrested dr marcus brown and we are now investigating suspicions of false statements and market manipulation if that's

. that you must lie and this and i can talk always seemed like he was 2 films above everyone else i am myself and they are until he acts and head off with the visions and ideas that tended to surpass every gentle man a c c f i'd make fun down on my lead teeth i really figured that one of the most beautiful our minds. mankind is that we tend to think abstract and that we can think about the better way to do things. for me for me personally while conscious like a 2nd family i find it's vital i mean. the feeling of calmness on the start it felt a bit megalomaniac and he sure does and he wanted to take this company on a tax mission. so if you start your base business doing payment processing for porn and or

gambling it shows the world that you have no boundaries of doing things and as you grow you get a stock price then you can wrap a label around it like fantastic i could have a white horse and paint black stripes on the horse that's just a white horse with black stripes it's not a zebra right emma and i could go and sell the horse is a zebra and i can say this is a zebra hey all this is is a white horse with black stripes. young sialic on marcus pong of on young mushnick and marcus brown had to teach people kind of for nice shot from the beginning to learn.

helicopter almost a mission like had a lot of technical savvy a new point was going on. distinct a c. hommes if i had a cynic might think they complemented each other very well on the path the company took film all good naaman hot. mysel acknowledged as a new c.e.o. mr mashonda was a very friendly approachable person someone else. to host my opinion i know don who was often happy to chat with the employees. in midtown high time on tuesday and star i knew he was there and that he was responsible for the a ship business but that one sold out his. young master they. probably let at least 3 lives at once if you look at how he was

on the wire cardboard and had to make a serious impression he said he was on mood too and he was responsible for the asia business where he was probably the driving force behind the accounting manipulation he tied the car and then there was the 3rd marshal that because i think he boasted about being a secret agent but it was probably more than just bragging on friday. morning strays a pregnant i'm a short seller. expose companies that have irregular accounts of narnia issues. where they don't disclose all the problems or all the elements of the business to investors or the public.

we basically bet on the share price going down if we're wrong it costs us i looked at. a lot there yet you don't back to 2 pounds why a cow going down your back to millions. i haven't heard of why a card to. july or august a compact briggs atlee 2050 and then someone said. but there are a should not precious are expanding and we don't know why i think it curious start . with why we spend thousands of hours researching it. so we've published a damning exposé a 100 pages we called it zaatar

a research and investigation. oh it was a complete fraud. people said that we used the word fraud to budge in hindsight i think we didn't use the word criminals enough and it was back on. the target price for the stock was a completed not a 0 you can't go below it was a complete don't know a 0 it was worthless. like with india. so a company has been for sale for 2 years retail for 2 years so g.r. brito did travel tourism an e-commerce the prices come down from $70000000.00 to

$50000000.00 to $40000000.00 to $30000000.00 it was for sale i don't need to me jury of why a card board that they sold it to why a card and why i can't go along and pay 340000000 there was just no way in the world i could get my head why you would even buy the business suits allstars the via card from long it looks like wire card had long not been profitable and its core business in europe had been losing money on just us and that they covered it up through manipulated accounting money pulitzer one. d. from his c. assumption is that it began with acquisitions in asia ozzie. for instance a payment service provider in india with not much behind if you started looking at the camps. 340000000 for a company that barely made it darling. they presented these investments as

a very valuable idea in football they cooked their books through acquisitions of asian companies nobody had ever heard of here in the india kind of content it was the biggest indicator that if you can add up 340000000 apps is really that. this is much to do even on this pattern of acquisitions continued through the entire story there was then a big a takeover was a guy with a voice of package of companies from india and singapore the payment floats were funding the richest fold and it is unclear to this day who was behind it the stick . to the traditional art so there is reason to suspect that money might have been misappropriated by people with connections to why i don't want to call it. i thought there was an adult in bullshit. that would actually pick the reporter up

and go through or tell you it's very dramatic if you want to call it that. to get the drop on a sit down and i'm going to testify. to the tone of the report which was perhaps sometimes a bit shrill or not every bit of information was 100 percent soundly researched but the core of the story was correct english does. well after. all. no they persecuted me market manipulation were what was would it be like to mock. the criticism was it why did you do it anonymously hello we don't want to die all that subset what sort of company would follow its employees of follow critics break

it to them through an office later of course 5 codes from jessica holy smoke praise a. few a full load for weeks it should be have taken oh shit they hope they did they took pictures of me in the afternoon where they've been following me for weeks at a run by the former intelligence officer over libya. we would get a cyber attack to have. the feel of the show cellar door spotlighted. a room in the a. so much that i'm stefano mr leno and i work in radio calabria as a deputy prosecutor. so i would have to go back to the gambling operation was very complex i think about

a 1000 raids were carried out in the gambling halls and betting offices all across italy you seem to think i didn't. really. mean that. the investigation revealed that the s k s 365 betting office he had collaborated with organized crime and various regions ready to join you before they worked with the mafia in sicily or do we need more than drugs and calabria but i'm getting colombian soccer corona only and up only. misuse their money using up by the system of s.k. yes it was money laundering basically actually it was about injecting profits from criminal business just the into the normal economy they're going to. be close to.

where you're going to have a live wire card was one of the banks used by criminal organizations to deposit the profits that they had made through their illegal business or even if you don't know that was the key. it did not surprise me at all when reporting came out of wire cards usefulness to the mafia. my name is tommy kids here and i'm a hedge fund manager here in new york i run socket capital management which is a short only hedge fund. in our firm is named after the ancient egyptian goddess stuff cat. soft cat was the goddess of knowledge mathematics accounting wisdom which all seemed very perfect.

i love short selling and that's how i want to make money. back in 2017 we were preparing to launch in january and we wanted to have a good pipeline a healthy pipeline of various short positions where we have conviction the price will go down. our belief and every piece of evidence that we were able to collect over the last almost 3 years pointed towards wire cards being a massive digital launching that. we're not to name and we while companies like why are card are at the forefront of digital business traditional banks are lagging behind with big commercial banks now fear is losing its guard on the dax due to its low stock value and why or card might take its place if we see a forceful ject if mean to marcus to become part of the. talks or do.

they are caught why a qantas while you just have a 20000000000 euros which are less than 5000 employees of the company has achieved a gigantic stock market 5 years off and. vision is not to become the biggest tax company. in the not region i'm vanitie it turns out i bought 520 s. equivalent to 72000 euros. and then 67 years old i'm kind of going to say for 38 years. i've spent most of my last basically a sunny should also if. i had saved up some

money during that time and i didn't want to simply leave it in the back so i invested it in monaco tops the navy yard work front of miss the old. to just get through i felt the with those 70000 euros i really had something else this is a hit with security. so that i wouldn't have to watch every year and nor will it was a great feeling to washington it's different. when you have such a sensitive story and we wanted to get it right we waited more than 3 months before we finally pulled the trigger. my name is lionel baba i was the chef product of the financial times between 20052020.

we got a tip that in singapore there was an investigation internally into whether why i call it people in wa called were inflating the numbers so we went to singapore we talked to whistle blowers who gave us documents old that was in january february 2019. cod was the biggest story that i've ever done. the hard bit each day according to a report by a british newspaper financial times the shares recently had quite some turbulence good germany's financial services regulator bof it has been conducting routine investigations due to the enormous fluctuations buffy has never asked to talk to the reporters they never asked to see any. material nothing then we read in the newspapers that buff and had opened a criminal complaint against 2 of our reporters for doing their job.

now it is true that some short sellers bet against the stock but that is not illegal what i don't understand is how baffin thought that we were conspiring with these people. i have literally no idea what baffin thought they were doing there was also an unprecedented ban on short selling. iffy loans and almost instantly financial regulator is investigating whether speculators who make money 3 for one price is on my account isn't a shift and has announced fine i'm short selling or what i want to caution and yes my footboard did react to india box office reaction really so does confirmation

from the employees that all these rumors must be unfounded ston sign come to you buff and often reinforced my belief that everything was just fine in the front of the earth. i was driving back from santa barbara with my wife when it happened and i i actually couldn't believe something like that would happen i've been doing this for 5 decades and in all my years i've never seen a single stock short sell ban imposed by a regulator. i thought it was beyond strange and a sign that things were terribly wrong. we needed to defend ourselves and potentially convince boston to remove the ban and then. the other issue was that part of wire card success was it painted hedge fund managers and short sellers as we were the criminals and we were just these these anonymous

unknown figures with moving lots of money i thought that because of that it made sense for us to put a face to the short sellers and to save we believe that this is potentially a money laundering scheme. the 1st interaction was of course on the public letter we had published on to an regarding the short selling. interestingly just a few weeks after i had submitted that letter to boff and i was going to be in germany and i offered to meet with often in a confidential setting to share the information and to be a resource to them and they of course refused the meeting. for years. the profit was acting against journalists and short sounds from the

beyond our meager votes at least until june 2021 we never heard that profit was also looking into other matters for instance a potential market manipulation by wow cartoon signs we are caught. this is just the order was in fact given to also examine why a consequence in light of this press coverage has reached a stop to petroleum. if you cut out of the public didn't hear about this because they probably wanted to prevent any details from escaping that would harm the company's reputation i mean the script i think can survive this t.v. there is. a whole range of rules it was strict in public reporting in order to protect market confidence and as for tom schultz is.

often not involved often actually misled the market through its behavior allowing wire card to keep it quiet money as this meant the prosecutors had one more year to lose the sinking ship and they raked up another 1000000000 on that has now ended up somewhere he gets on the street. we were terribly concerned that while a card was trying to infiltrate us. down mccrum put in particular who was the lead reporter was sure that his email had been kept. he also thought that he was under surveillance. we discovered an individual hiding under the bridge with a highly sophisticated sound equipment camera focused on my office.

so we took extraordinary careful measures to insulate down mccrum to keep our information secret documents and very very watertight so the next piece in the puzzle was to investigate who these 3rd parties that walk odd was dealing with. we knew from our information that a lot of the revenues and profits was derived from. they had some funny names. pay a lot and things like that wire caught wire cards and we need these companies for instance because we lack the license to make certain payments in those particular countries and that's why we're by. eyeing them because they have a license and they're anchored in the local market foreign coach mcdavid says aman is a gather with them why are card obviously managed to simply fake revenues. he's

a peace partner companies played along in the manipulated accounting money puts on deadlines and one of the places we went to was the philippines. we actually went to the place where this company was supposedly registered and we found an old seaman he didn't know anything about ouat caught. we went to another address and it was a bus company. view this as capital market speculation just like previous articles for sister charlton we feel we can leave the whole issue behind us now and focus on a very strong 21900 so those 9000. is used dusty's of from soon the really surprising things is that this mode of

operation involving on going to niles kept working and a lot of people never thought to say let's take a close look at the small zizi. and some johnston young was why are cards official auditor at the time account. they should have noticed this and. we wrote a letter to their auditors ian why highlighting a lot of stuff that the financial times came up with and some basic accounting things why this thing should be looked at that the numbers make no sense that the cash isn't the cash why are card never really gave a good explanation of why they needed us cookouts and for. that to have billions over a $1000000000.00 in an escrow account is very very suspicious you want to.

buy a copy isn't toy to help what did why are card claimant needed this trust account for. because it was supposed to hold money that belong to wire card and wire card needed it as a safeguard for business partners in asia with which wire card was allegedly processing payments. is often vasan so it was up to ernst and young to check whether the money wire card claimed to have been in escrow account in singapore a really exist. doc and he really belong to wire cartridge why are caught in a skit near commonness me and i basically feel like any other citizen of this country this is me i really can't understand how that went on saying in the audit that was informed regularly and normally by the audience in the company for individuals whose position of fun started to develop i said we're going to write the biggest hardest toughest story where they will half to admit that they're lying

and that their stories a fake and their revenues are fake. we published this article and they could not get out of it we also published very unusual internal huge documents to show that documents were not fake and as a result of that the ice is finally melted. the condom on encounter often isn't there you could read how wire cards cooked the books and it was quite sophisticated and difficult to grasp. and so unfortunately it was an intelligent model for cheating which is unfortunately why it worked for so long he said i'd also like infants and we were convinced that eventually would collapse what was extraordinary is it took so long because the company forte like a rat in a corner. under much pressure from from shareholders of wire cart

wire card hired. a big 4 accounting firm to investigate all of the allegations that the financial times had raised. to copy and he believed in off talking. that he had personally if you take a p. and g. report they commissioned as a why of why i could not science i caught them i am going to prove once and for all that lily's insinuations are completely isolated and i'm from least honest. so i think a p.m.g. report. that elevated all of the opinions that critics of wire card journalists all had and that was that it's impossible to solve frauds always look for an end game what's the end game here what's how do we how does marcus braun go to be a captain of industry and get out of this i just want to say i'm also. how to log

shake. you have to sell the company or merge the fraud into something so big and so robust. i mean hell up until the end they were talking about merging or buying out or doing something with deutsche bank. that sounded very concrete because deutsche bank was struggle and had problems it will go on the tradition and of course where cards idea was to prop up this theater of illusion to torment perhaps also fulfill the politicians dreams of a major german financial player. if they would have acquired george bank or deutsche bank acquired them or they merge they would have accomplished the ultimate and that is become something legit and then they would have written everything off

and gone off into the sunset is part of deutsche bank. something the forgotten the true figure that has been cases in the past when fast growing companies with high stock market values have taken over well performing traditional companies. in the. sometimes it went well and sometimes it didn't in this case i'm very glad the speculation didn't actually come to fruition forced to. when k p m g did their investigation they flagged the issue of escrow escrow accounts and at that time wired quite provided no documentation. on the transfer of the alleged escrow account from singapore to mr tolentino in the philippines it happened at a time when k p m g was already conducting

a special audit intended to investigate precisely this asia business and the escrow account into. this and mr tolentino was a lawyer who had mainly dealt with divorce and custody disputes so there was no apparent reason to entrust 1900000000 euros to a single lawyer like him as a trustee. as my i think they switched trustees out of panic because they knew they were really cornered now to the point had been discovered where there really was manipulation going on the money put you have all this. to be legally compliant why are card had to submit an annual financial statement for 2019 approved by their auditor by the end of june 2020. the month of june it became clear that either they'd get the signature now or arnstein young would get serious and say we're not signing for $29.00 chain and for

a publicly traded company that's basically a death sentence. on the bias when you see what yanmar charlotte said and did it all seems incredibly not. if aunt dust and i don't buy up all the hotties you missed i think he wrote those e-mails to by time signed exit to prepare his exit plan and disappearance or and and to pretend that everything was still fine you know understood or really because there were people at his throat saying we need documents now paul used to log into the home and took. the momentum going knowing what 1000000000 euro zone account for all that are said to be an escrow accounts and it was then yanks i just

put hold it says had doubts about documents regarding 1900000000 euros in astro accounts. after the management board admitted that the 1900000000 euros missing from their books probably never existed the shed has been in freefall high 5. inches i'm just in just a touch of earth there are charges of organized fraud embezzlement incorrect statements and market manipulation in numerous cases in fish in. his invention if i had to think of. when i think of marcus brown and young marshall acreage i feel very tone in said speech by if i had the chance i would definitely ask him as to why. should it and i just want to know the truth i'm trying

not. i deserve to be asked only this time and dedication are devoted to why i. should have a haircut. i was sitting out there in the garden and i thought it's all over us and. this is like having the rug pulled out from you fall into a deep hole mentally people you don't even know when it will end we'll just keep you forward you don't know how you'll manage to get out again golf. and then come to be our new then i have the lucky idea of asking the shipping company to get

one i knew the boss of the company said heiko i'm sorry but i have a real problem i'm broke and i need to talk can you get me wrong a phone from a fellow my face with what i caught i'm lost 70000 euros and i have nothing left for business now. but a cut is a finance come to why a card is a financial scandal that must be investigated a dream but appropriate action also needs to be taken as a canal. if nothing changes if they would just have been a bad scandals and the real scandal will be al failure to grasp this opportunity to implement the necessary reforms not the new form often to bring why are hard is not the 1st german financial scandal i don't have much faith in all laugh and i don't have much faith perhaps in the politicians who are now suddenly up in arms about why or card i hope that the public forces these politicians to take necessary

actions and further to to hold them all accountable. if they didn't miss the lists is no real emotion i'm about to turn 68 and i have to keep going to seem to compensate for this loss of compensation from. to use them to pursue far as i can see the politicians are for. it was a little. blood leeland. illinois law an. illinois.

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only tapes of men and women get significantly. and gender medicine takes this distinction seriously as a man or woman what you have to know when it comes to health for better medical treatment prevention. good shape. in 30 minutes w. . their story their very own personal trauma. to eternal strophe remember. and they share

private footage with us that has never been seen before. bactrim the stories of people 20 minutes on t w. this is day that we're news and these are our top stories india's capital delhi has extended its lockdown as the country's coronavirus cases continue to grow and hospitals struggle with severe oxygen and medicine shortages western nations have pledged help providing ventilators and other items india.