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• Freis uncovered fraud at Wirecard
• Startup MoonPay hires Freis as a consultant
• Freis is to support the company in various areas
James Freis recognized fraud at Wirecard
James Freis served as director of the Financial Crimes Enforcement Network under former US Presidents George W. Bush and Barack Obama. He was also Chief Compliance Officer at the German stock exchange service provider Deutsche Börse Group. Finally, in 2020, he became a board member and chief compliance officer at German payment processor Wirecard. In an interview with Bloomberg, Freis explained that on his first day at Wirecard, he was given documents showing that the company was falsifying assets and earnings. Freis immediately informed the company’s board of directors about this circumstance, which dismissed the then CEO Markus Braun and appointed Freis as his successor. Wirecard confirmed that 1.9 billion euros stated as assets presumably did not exist and eventually filed for bankruptcy. At the end of 2020, Freis left the German company.
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MoonPay hires Freis as a consultant
On March 25, 2022, crypto startup MoonPay announced in a press release the appointment of James Freis as Special Advisor for global financial and regulatory affairs. “We are honored to have Jim on our team. His career as a financial regulator and executive speaks for itself. As MoonPay works to bring the next billion people into the crypto economy, Jim brings an unparalleled wealth of experience to the company and will be instrumental in helping us continue our growth,” said Ivan Soto-Wright, co-founder and CEO of MoonPay. One of Freis’ reasons for joining MoonPay is that the company “innovates at a rapid pace while taking commitments within an evolving regulatory framework very seriously.” He looks forward to supporting the company’s vision.
support in different areas
Freis told Bloomberg that he will be providing advice to the startup while the crypto industry gains more regulatory clarity. Freis was also quite experienced when it came to going public. However, it is currently too early for MoonPay to say whether the company will go public any time soon. He also supports MoonPay in managing international tensions. As recently as March 10, according to FX Empire, the company informed its customers that it would block access for Russian users due to sanctions related to the war in Ukraine and screen all customers against sanctions lists to verify customer identity.
E. Schmal/Redaktion finanzen.net
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