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Posted 20 hours ago

Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth

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Another ploy, although merely a stopgap, was to create fake invoices – money owed to Wirecard for licensing fees and consulting which would show up on the balance sheet as receivables, an asset. Helpfully, there is quite literally a cast of characters that McCrum prefaces the book with, laying out the many spies, short-sellers and ‘bandits’ involved. We would elbow-in around the long dining room table, surrounded by walls laden with prints of rabbis, a synagogue, a Sabbath dinner table and a boy at his bar mitzvah service. From London to Munich, Dublin to Singapore, and Manila to Vienna, there is almost no corner of the world left unvisited in this sprawling account. I am glad McCrum (Easter egg for Borat fans) didn't try and deify the short sellers as most of them are complete scumbags.

g., HF manager being punched in NY without video evidence and loosely insinuating it might have come from Wirecard), and less on the crimes committed.

Much like I have been surprised for a year now that Swedish fintech company Klarna with a revenue model that is not known to be profitable led by people who have been conmen since their teens has such high level of capitalisation. I can't help comparing Money Men to Bad Blood, the story of the Theranos scandal by Wall Street Journal reporter John Carreyrou. The dignity of the law courts and the wig and gown was on the other side of town, far away from the bins of dirty rags I had come here to manage. An important read and valuable investigative journalism, but could have been a more interesting book. The bank accounts and trades of suspected “enemies” were being monitored for evidence of bribery or market manipulation.

Most purchases from business sellers are protected by the Consumer Contract Regulations 2013 which give you the right to cancel the purchase within 14 days after the day you receive the item. As I had no siblings, there was no one else to step in and take over dad’s business, and there was no money to hire someone. There were so many boring threads the author pulled on and then left the most exciting ones unexplained. I’d already had a few minor successes, but I longed for a greater challenge – a case I could argue and prove my abilities. Wirecard might still be one of Europe's most feted tech firms, were it not for a small band of sceptics - including Dan McCrum.

Money Men is the story of the many stages of the company's fraud -- and why it took so long to expose. As McCrum’s tour casts light into the shadowed recesses, he shows how paper moon shysters and brutish thuggery are by no means relegated to organised crime.

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