The Wirecard saga is one of the craziest things to ever happen in the financial markets.
It was the darling of the German stock market and when the FT began probing for signs of fraud, the German government banned short selling. In a moment of journalistic fame, journalists persisted and presented the company as a house of cards, leading to its collapse after a peak market capitalization of €24 billion.
It’s pretty crazy.
But the FT now reports that operations director Jan Marsalek – who is a fugitive and may be living in Moscow – was a Russian spy. The allegation is that Wirecard itself was used as a shadow financial network to facilitate Russian undercover operations, but not only that, Marsalek helped facilitate espionage operations.
This revelation certainly reinforces warnings and threats against FT journalist Dan McCrum, as well as allegations that he was being spied on.
This is also an opportunity for me to post my favorite research note:
cnbctv18-forexlive
