Wirecard Execs May Have Hidden $1B Before Collapse

PAYMENTS COM

In anticipation of its collapse in June, Wirecard AG executives may have raided the German payment company and deposited $1 billion in partner companies while it fought allegations of accounting fraud, the Financial Times reported.

Sources familiar with the investigation and a document seen by the FT detailed that the alleged theft took the form of unsecured loans. At the time, Wirecard said the loans were used to pay its partners in Dubai, Singapore and the Philippines who processed card transactions.

The loans are the latest focus of German investigators against founder and former CEO Markus Braun and other senior ex-employees. read more »

Justice Dept. charges ex-Citgo executive with bribery

UPI

The Justice Department has charged a former Citgo executive with accepting more than $2.5 million in bribes from businessmen seeking contacts with the oil refiner and its Venezuelan parent company.

Jose Luis De Jongh Atencio, 48, was charged with one count of conspiracy to launder money and five counts of money laundering on July 16 for his role in a bribery scheme, but the indicted was unsealed Thursday when the dual U.S.-Venezuelan citizen made his initial appearance in court. read more »