5/31/2019, 9:03 AM (Source: TeleTrader)
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Wirecard processed payments of fraudulent origin - report

European prosecutors are investigating Wirecard AG's involvement with a fraudulent trading site network working in Germany, Austria, Bulgaria, and the Czech Republic, the Handelsblatt reported on Friday.

The firms, which claimed they sold binary options and other financial products, although no trades were made, reportedly defrauded more than 100,000 Europeans. The investigation into the scam which encompassed banks and financial service providers that continued to channel funds from victims for years, collecting fees, points to Wirecard being one of the main payment processors, the German newspaper said.

Wirecard, which is already being investigated in Singapore for allegedly fraudulent practices, traded 3.49% lower at 9:02 am CET following the release of the article.

Breaking the News / MD