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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInEY gets banned from new audit business in Germany | The Economist
EY just can’t get a break. The accounting-and-consulting giant is being sued for $2.7bn by the administrators of nmc, a London-listed hospital operator it had audited and which went into administration after understating debts by $4bn. ey is being investigated by the Financial Reporting Council (frc), a British regulator; the firm denies the administrators’ claims […]
Perella London Banker Suspected in Insider Probe Dies by Suicide – Bloomberg
A London-based Perella Weinberg Partners banker died by suicide in the days after the firm’s UK headquarters were searched as part of a German investigation into insider trading, people familiar with the matter said. The deceased banker was one of the suspects in the probe, the people said, asking not to be identified discussing sensitive […]
Perella Weinberg London HQ Searched in Insider Trading Probe – Bloomberg
Perella Weinberg Partners LP London headquarters were searched this week as part of a German insider trading investigation. The investment bank was searched by officials on Jan. 25. Frankfurt prosecutors are looking into allegations that a London-based employee at the bank disclosed information on planned takeovers and other suspects traded on that, according to people […]
Germany arrests man for suspected M&A insider trading; four other suspects | Reuters
A 47-year-old German man has been arrested on suspicion of insider trading on upcoming M&A deals, one of five suspects who generated millions of euros between 2017 and 2021, Frankfurt prosecutors and German regulators said on Thursday. The authorities said they had been conducting an investigation since November 2021, and that they carried out multiple […]
Ernst & Young’s Germany Branch Escapes Wirecard Fraud Lawsuit
A German accounting firm affiliated with, but distinct from, Ernst & Young Global Ltd. won’t remain in a US investors’ suit over the collapse of Wirecard AG, a finance company that allegedly invented fictional escrow accounts worth €1.9 billion. Ernst & Young GmbH Wirtschaftspruefungsgesellschaft lacks enough of a link to the US to be sued […]
No Safety Net From Crypto Collapses, German Regulator Warns
Investing in cryptocurrencies could mean you lose all your money because there’s no state-sponsored protection, Germany’s financial regulator BaFin said Monday, in a toughening of previous warnings to retail investors. *** If trading platforms or wallet providers turn south or go bust, “there is no protection covering customer losses, such as deposit guarantee schemes or […]
DeFi ‘Casino’ May Need New Global Regulator, German Central Banker Says
“To me, DeFi seems more like a casino for tech-savvy speculators,” Wuermeling, a member of the German central bank’s executive board responsible for bank supervision and IT, said in a speech on Thursday. DeFi “is growing quickly and so might its ties to the rest of finance and the economy…we need to be discussing regulatory […]
Wirecard: Bafin Faces Criminal Probe Over Wirecard Supervision, Trading – Bloomberg
The scandal over the collapse of Wirecard AG expanded as German financial regulator BaFin faces a criminal probe into how it oversaw the payment processor and whether some of the agency’s staff illegally traded the stock. Frankfurt prosecutors said Monday they opened the probe after reviewing information collected from BaFin in February when they visited […]
German regulator reports Wirecard insider trading in own ranks | Reuters
Germany’s financial watchdog has reported one of its employees to state prosecutors on suspicion of insider trading linked to Wirecard, shortly before the payment firm’s spectacular collapse. Source: German regulator reports Wirecard insider trading in own ranks | Reuters
Head of German financial watchdog resists calls to resign over Wirecard | Financial Times
The head of Germany’s financial watchdog has rejected calls to resign over the scandal at Wirecard, while saying that with hindsight he should have called for prosecutors to open an investigation sooner. Felix Hufeld said at a conference on Wednesday that he would not resign “as long as my country and Europe have trust in […]