House of Wirecard

Financial Times journalist Dan McCrum has done what auditors and financial regulators are supposed to do: he uncovered the largest fraud in DAX history. The story sounds like something out of a movie: Wirecard, alongside SAP the only German tech flagship company, is hyped up and even surpasses the market value of Deutsche Bank. The cashless payment transactions of online businesses and credit cards seem like a convincing business model, and a banking license opens up further possibilities.

Due to Dan McCrum's critical reporting, the German BaFin files charges against him and a Financial Times colleague on suspicion of stock manipulation. When the auditing firm Ernst & Young discovers that nearly two billion euros in Philippine trust accounts do not actually exist, the company's stock plummets from 104 euros to 1.28 euros within a few days. In a matter of moments, billions of euros are lost in the second-largest stock crash in DAX history, with thousands of investors losing their money. Wirecard CEO Markus Braun is taken into custody, while his board colleague Jan Marsalek flees, possibly with the help of the Russian secret service. The Bundestag establishes an investigative committee, where Dan McCrum is also heard. BaFin chief Felix Hufeld has to resign, and Hubert Barth, the Germany head of Ernst & Young, also loses his position. Dan McCrum receives various journalism awards, but the matter is not over for him. He continues his investigation.

His book tells the fast-paced and incredible story of accomplices and helpers, secret agents, and criminals up close. A real page-turner with many surprises.