Deutsche Bank’s Schuetz Faces Scrutiny of Wirecard Trades
- BaFin looking at options he traded around SoftBank investment
- The SoftBank announcement boosted the stock as much as 12%
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Germany’s top financial regulator is examining transactions by Deutsche Bank AG supervisory board member Alexander Schuetz linked to Wirecard AG, the now-defunct payments company that collapsed in a fake accounting scandal.
BaFin is conducting a preliminary assessment of Schuetz’s trading, including options on Wirecard shares around the time that SoftBank Group Corp. announced a plan to invest in the company in 2019, people familiar with the matter said, asking for anonymity in discussing non-public information. The SoftBank deal helped bolster confidence in the stock, which had come under pressure at the time from reports in the Financial Times alleging accounting irregularities.