Bafin, the German financial regulator, is facing a criminal probe into its oversight of Wirecard AG. Investigators will explore allegations that some of the agency’s staff traded in the now defunct company’s stock, even while BaFin was engaged in investigating Wirecard.Frankfurt prosecutors opened their probe after reviewing information collected from Bafin when they visited the regulator’s offices in February. According to Nadja Niesen, a spokeswoman for the prosecutors, no individual suspects have been identified at this time. Prosecutors stepped in after they received criminal complaints from citizens earlier this year claiming Bafin failed to properly handle the Wirecard scandal.Wirecard collapsed last year after saying 1.9 billion euros in cash reported on its books probably never existed. This sparked a parliamentary inquiry into how BaFin and other authorities handled one of the country’s biggest corporate scandals.
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