Book review by Ali Hassan.
Title and author:
Money Men ‘A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth’
By: Dan McCrum
About the book:
After seeing WireCard’s rapid rise and growth in a space of a few short years, overtaking industry giants like Deutsche Bank and Commerzbank. It prompted Dan McCrum a journalist to investigate what he perceived as ‘too good to be true’.
As Dan McCrum investigated further, what he discovered was mindblowing and ultimately it was his discovery which brought the darling fintech crashing down. From fake bank accounts to fake offices and fake deaths. It produces an astonishing view of the WireCard fraud.
Undoubtedly bad actors, shoddy behaviours and poor governance all contributed to the WireCard scandal, Dan McCrum takes you through how a tip led him to investigate what everybody perceived as the best thing since sliced bread!
From cover-ups to threats – it’s crazy that the lengths that key personal at WireCard, their auditors and the authorities went to try and cover up the grave mishappenings and fraudlent actitivies. It almost makes you question that if they were successful, when is a company perceived as too big to fail.
We have all seen the effects the WireCard scandal have had on the tech market. From job losses to bankruptcy for some – whilst over valuation, inadequate processes and governance are central to the cause. I believe what Dan McCrum uncovered at WireCard does also add to the degree of caution that we are starting to now see across the tech market.
A blockbuster for Hollywood to bring to the big screen!