German regulator faces questions after Wirecard admits huge possible fraud

Fraud scam

A German financial services company said it had discovered a huge possible fraud today (June 22), raising questions about its oversight by Germany’s financial supervisory authority.

Wirecard’s new chief executive said that €1.9 billion ($2.1 billion) that the company had claimed to hold in the Philippines could not be traced. James Freis said the money had in all probability never existed, raising a strong likelihood of major fraud.

Freis was appointed by the company’s board on June 19 very

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