Analysis

Ex-FinCEN Head Faces Compliance Nightmare At Wirecard

Law360 (June 25, 2020, 5:54 PM EDT) -- James Freis, an ex-director of the Financial Crimes Enforcement Network and former in-house compliance chief at a German stock exchange, finds himself suddenly at the helm of a compliance disaster as the new interim CEO of embattled German payment processor Wirecard AG.

The task may seem monumental. In the span of a week, it was revealed that more than $2 billion on the company's books didn't exist, its former CEO resigned and was arrested by German authorities, and the company filed for insolvency on Thursday.

But attorneys said Freis' background in criminal enforcement as well as in-house compliance makes him an ideal fit...

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