Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.

STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

Project VisMas

REPORT: WIRECARD AG
November 25, 2016

STRICTLY CONFIDENTIAL

PROFESSIONAL LEGAL PRIVILEGE

Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Tasking

1. This company was tasked with carrying out investigative research on Wirecard AG in order to
examine allegations of improper conduct and ties to illegal activity.

2. This phase of the investigation focused on Wirecard’s founders, former board members and
their suspected ownership of US facing online gambling operations and the use of Wirecard
to facilitate payments.

Background

3. Wirecard has been alleged to have processed online gambling payments into the United
States, utilizing a network of phony descriptor companies, phony websites, arm’s length
payment processors, under the control of Wirecard officers and/or business associates.

Summary

4. Contrary to Wirecard’s claims, the Full Tilt Poker website details that Wirecard and Full Tilt
arranged a scheme so that United States online poker players could open a Wirecard e-wallet
Click2Pay account directly through the Full Tilt website.

5. This scheme was arranged after the introduction of the UIGEA and continued for a number of
years until the site was closed by the United States Department of Justice in April 2011.

6. Publicly Wirecard stated that Click2Pay would continue to service existing US customers, but
it would not take on new US clients for online gambling transactions. In reality, Wirecard used
a scheme with Full Tilt Poker and PokerStars so that new US online gamblers could open a
Click2Pay account through the Poker Company’s own website 1,2,3,4,5:

To create a new account with C2P [Click2Pay] US players can only register by clicking
on the Quick Sign up link available at the PokerStars cashier, then fill the registration
form that will pop up on your screen. Once you establish and confirm your C2P account,
it takes only seconds to make transfers to your PokerStars account by selecting the C2P
option from the PokerStars Cashier screen. To make the deposit request at PokerStars
use the C2P information required and the money will be credited on real time.
Another advantage of C2P is that is can be used to cash-out money from your
PokerStars account to C2P.
Regards,
Joseph,
PokerStars Deposit Assistance Department

1 http://web.archive.org/web/20080626195104/http:/www.click2pay.com/
2 http://web.archive.org/web/20090819075245/http:/www.click2pay.com/users/payin-payout.html
3 http://web.archive.org/web/20080714151412/http:/www.fulltiltpoker.com/Click2Pay
4 http://web.archive.org/web/20100620170840/http:/www.fulltiltpoker.com/Click2Pay
5 http://forumserver.twoplustwo.com/28/internet-poker/so-i-read-click2pay-wasnt-accepting-anymore-us-customers-

wrong-282289/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
7. This scheme was the front end. The back end required the falsification of payment details in
order that US poker related payments could be passed through the Visa and MasterCard
system and defraud United States financial institutions.

8. Markus Pfeiffer was a Board Member of Wirecard’s former parent, EBS Holding, and associate
to Markus Braun, Andrea Görres, and Paul Bauer-Schlichtegroll, Wirecard’s CEO, Legal
Director and founder respectively. (Sections 31-38).

9. Markus Pfeiffer controlled the company which licensed the e-wallet, Click2Pay, to Wirecard.
(Sections 41-47).

10. When the Unlawful Internet Gambling Enforcement Act (UIGEA) was introduced in 2006,
Pfeiffer took control of a number of companies with Franky Schoonbaert, an associate to
convicted fraudster, Dietmar Knöchelmann, the former Director of Wirecard UK & Ireland.
These companies were used to process US online gambling in violation of the UIGEA. (Sections
89-104).

11. Schoonbaert set up phony descriptor companies used to process US facing online gambling
payments. Pfeiffer set up websites for those phony descriptor companies.

12. The websites were registered to the same address as Inatec Solutions GmbH; a company
where Rüdiger Trautmann, former Wirecard COO, is now Chairman, Dietmar Knöchelmann’s
wife is Managing Director, and Nelson Burtnick, a convicted money launderer, is COO.
(Sections 94-94, 110-113).

13. Inatec Solutions appears to have been acquired by Directors of Wirecard in 2007. (Sections
68-78).

14. Pfeiffer is detailed as the co-owner to the phony companies described above. The co-owner
is a BVI entity, Xpresscharge Ltd. (Sections 95-105).

15. Xpresscharge is believed to be owned by Paul Bauer-Schlichtegroll, Wirecard’s founder.

(Sections 106-115).

16. Pfeiffer and Xpresscharge (believed to be owned by Bauer-Schlichtegroll) own online casinos
that served US gamblers after the introduction of the UIGEA. (Sections 116-117).

17. Schoonbaert, Pfeiffer and Xpresscharge (believed to be owned by Bauer-Schlichtegroll) own

and control a number of phony websites live and active in 2016. (Sections 118-132).
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Conclusions

18. Prima facie, there is sufficient evidence to bring action against Wirecard AG, Inatec Solutions
and their respective Directors. Specific offences include:

a. Bank Fraud, in violation of Title 18, United States Code, Section 1344;

b. Attempt and conspiracy, in violation of Title 18, United States Code, Section 1349;

c. Laundering of monetary instruments, in violation of Title 18, United States Code,

Section 1956;

d. Engaging in monetary transactions in property derived from specified unlawful

activity, in violation of Title 18, United States Code, Section 1957.

Persons who attempt or conspire to commit any of these offenses shall be subject to fines
or imprisonment of not more than 30 years, or both.

19. Sources claim that processing US online gambling accounted for 85% of Wirecard’s business
until the US market was closed down in April 2011.

20. Following the action taken by the United States Department of Justice in April 2011 to close
down the major Poker Companies, Wirecard is believed to have faced detrimental loss to its
business. At this point the company appears to have become an accounting fraud (see Report
2 for history of fraudulent acquisitions).

Further Action/Recommendations

21. Alert United States Department of Justice, Securities and Exchange Commission, Department
of the Treasury, Department of Homeland Security, Consumer Protection Finance Bureau,
Internal Revenue Service.

22. Recommend further in-depth investigation into the following:

Markus Braun, Paul Bauer-Schlichtegroll, Markus Pfeiffer, Jan Marsalek, Burkhard Ley,
Michael Brinkmann (HUMINT underway).

Wirecard AG

23. Wirecard AG is a global financial services and technology company headquartered in

Aschheim, Munich, Germany. Its internet payment service competes with PayPal and Western
Union. Wirecard AG is listed on the Frankfurt Securities Exchange. 6

6 https://www.wirecard.com/company/our-story/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
EBS Holding AG, Former Parent of Wirecard

24. EBS Holding is the former parent of Wirecard.7,8,9 EBS Holding began as a subsidiary of
Beisheim Holding Schweiz (BHS). BHS was the holding company of the German billionaire
founder of the Metro Group, Otto Beisheim.10,11

25. EBS Holding owned several other payment related companies12,13:

a. Wire Card AG

b. EBS Billing AG

c. EBS Global GmbH

d. United Payment GmbH

e. EBS Mobil GmbH

f. Pago e Transaction Services GmbH (a 50%/50% joint shareholding with Deutsche

Bank AG)

Paul Bauer-Schlichtegroll

26. Paul Bauer-Schlichtegroll was the major shareholder and Chief Executive of EBS Holding AG.14
According to Wirecard’s 2005 prospectus, Paul Bauer-Schlichtegroll also founded EPM AG,
which became EBS Holding AG. EPM AG was formerly the publisher of the German version of
the porn magazine, Hustler15,16,17:

Dort war Herr Paul Bauer-Schlichtegroll bis Mai 2002 Geschäftsführer. Im Mai 1999
gründete er die CPBS Verwaltungs-GmbH in München und war dort bis 2002
Geschäftsführer, bis diese 2002 in CMH AG umgewandelt wurde und er dort bis heute
leitender Vorstand ist. Bereits im Juli 1998 gründete er die damalige EPM AG, die
heutige ebs Holding AG, bei der er von Juni 1999 bis Oktober 2005 leitender vorstand
war. Seit 30. August 2005 ist er Aufsichtsratsmitglied der Wire Card AG.
Translation:

There Mr Paul Bauer-Schlichtegroll was CEO until May 2002. In May 1999 he founded
the CPBS Verwaltungs-GmbH in Munich and was CEO there until 2002 when it was
converted into CMH AG in 2002 and he is now a member of the executive board. In July
1998, he founded the then EPM AG, today ebs Holding AG, which to October 2005 he

7 http://web.archive.org/web/20040409154950/http:/www.wirecard.com/content/company/u_profil.html
8 http://web.archive.org/web/20030622000015/http:/www.wirecard.de/content/company/u_profil.html
9 http://www.press1.de/ibot/db/10226213661286049824n0.html
10 http://ec.europa.eu/competition/mergers/cases/decisions/m1790_de.pdf
11 http://www.bloomberg.com/news/articles/2013-02-18/metro-s-billionaire-founder-otto-beisheim-dies-aged-89
12 http://www.press1.de/ibot/db/10226213661286049824n0.html
13 http://web.archive.org/web/20041213071804/http:/www.bhs.ch/article/articleview/44/1/4
14

http://web.archive.org/web/20030220144759/http:/www.sfcommerce.com/about/investors/PressReleases/Oct01_2002.a
sp?Lang=Eng
15 http://irpages2.equitystory.com/wc/pdf/WireCard_Prospekt_20051021.pdf
16 https://www.linkedin.com/in/uwe-hasenfuss-35985690
17 http://www.berliner-zeitung.de/zweiter-versuch-16124322
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
was senior board member from June 1999. Since August 30, 2005 he is a board
member of Wire Card AG.
Markus Braun

27. Markus Braun is Wirecard’s CEO. Markus Braun became a member of the Management Board
of Wirecard AG in January 2002.18

28. At or around July 2003, Markus Braun was appointed to the board of Wire Card Processing
AG. Wirecard Processing AG was formerly called Xlook AG, which changed its name in or about
2003. Xlook AG owned a website, www.xlook.de, which showed explicit teen and homosexual
pornography19,20,21:

31.07.2003
HRB 148610: Wire Card Processing AG Hallbergmoos (Lilienthalstr. 5, 85399
Hallbergmoos ). Aktiengesellschaft. Satzung vom 16.03.1999, zuletzt geändert am
15.10.2001. Die Hauptversammlung vom 18.12.2002 hat die Änderung des § 11
(Ordentliche und außerordentliche Hauptversammlung) der Satzung beschlossen. Die
Hauptversammlung vom 20.03.2003 hat die Änderung des § 1 (Firma, bisher Xlook AG
(Amtsgericht Achim HRB 6390) und Sitz, bisher Achim) der Satzung beschlossen. Die
Hauptversammlung vom 13.06.2003 hat die Änderung der §§1 (Firma) sowie 2
(Gegenstand des Unternehmens) der Satzung beschlossen.
Gegenstand des Unternehmens: Entwicklung von Anwendungen im Bereich Zahlungs-,
Risk- und Cashmanagementlösungen in offenen Netzen, Marketing und Verkauf dieser
Produkte sowie alle damit im Zusammenhang stehenden Aufgaben, Tätigkeiten und
Dienstleistungen.
Grundkapital: 50.000, XX. Ist nur ein Vorstandsmitglied bestellt, so vertritt es die
Gesellschaft allein. Sind mehrere Vorstandsmitglieder bestellt, so wird die Gesellschaft
durch zwei Vorstandsmitglieder gemeinsam vertreten.
Ausgeschieden Vorstand: Freitag Ingo; Voigts Frank.
Bestellt Vorstand: Dr. Braun Markus. Nicht eingetragen: Bekanntmachungsblatt ist der
Bundesanzeiger.

29. It has not been possible to determine what became of Wire Card Processing AG. It appears to
have been dissolved in or around 2004. 22 However, the pornography site related to Xlook AG
(the former name of Wire Card Processing AG) continues to show explicit pornographic
material.23

30. It has not been possible to determine why Markus Braun took control of Xlook AG after it
changed its name to Wire Card Processing AG.

18 http://web.archive.org/web/20030722120202/http:/wirecard.de/content/company/management.htm
19 http://web.archive.org/web/19981212034227/http:/www.xlook.de/
20 http://web.archive.org/web/20030726111440/http:/www.xlook.de/
21 https://www.moneyhouse.de/Wire-Card-Processing-AG-Grasbrunn
22 https://www.moneyhouse.de/Wire-Card-Processing-AG-Grasbrunn
23 http://web.archive.org/web/20161024141423/http://www.xlook.de/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Markus Pfeiffer Connections to Wirecard and its Executives

31. Markus Pfeiffer was a Director of Wirecard’s former parent, EBS Holding (July 2002 to October
2004 then from January 2009 to April 2013), alongside Wirecard’s founder, Paul Bauer-
Schlichtegroll (July 1999 to October 2010)24.

32. Markus Braun, Wirecard’s CEO, was a Director of EBS Holding (July 2002 to August 2003).

33. Andrea Görres, Wirecard’s Legal Director, was a Director of EBS Holding (November 2005 to
May 2009).

34. Markus Pfeiffer was an authorized signatory to Wirecard Technologies (July 2002 to August
2004).25

35. Markus Pfeiffer was a Director of Echo Moss Limited, a UK registered company. 26 Echo Moss
was formerly called SureFire Europe Limited, possibly related to the Canadian listed company,
SureFire Commerce, Inc. In October 2002, EBS Holding entered into a merger agreement with
a Canadian listed company, SureFire Commerce, Inc. to merge one of EBS Holding’s
subsidiaries, EBS Electronic Billing Systems AG with SureFire Commerce.27

36. Markus Braun was temporarily on the Board of SureFire Commerce, Inc. when it was to merge
with EBS Electronic Billing Systems AG.28 The merger was cancelled in or around August
2003.29

37. Andrea Görres and Stephan Freiherr Von Erffa, Wirecard Technologies GmbH Managing
Director were Directors of Echo Moss Limited.30

38. The SureFire Commerce and EBS Billing merger document stated:

a. The majority of EBS Billing’s transactions are generated by a small number of clients,
focused on gaming activities such as online casinos, sports books and lotteries:

EBS Billing offers its Internet processing solutions directly to larger, more
established European merchants. The minority of EBS Billing’s merchant base
is concentrated in the on-line gaming industry and a substantial portion of EBS
Billing’s transactions are generated by Internet gaming activities. Internet
gaming includes licensed online casinos, sports books and lotteries. 31

b. That a substantial portion of EBS Billing’s revenues are generated from US based
gaming:

A substantial portion of EBS Billing’s revenues is derived from the processing

of Internet gaming transactions by United States residents. As a result,

24 https://www.moneyhouse.de/ebs-Holding-GmbH-Grasbrunn
25 https://www.moneyhouse.de/Wirecard-Technologies-GmbH-Aschheim
26 https://opencorporates.com/companies/gb/04445024
27

http://web.archive.org/web/20030220144759/http:/www.sfcommerce.com/about/investors/PressReleases/Oct01_2002.a
sp?Lang=Eng
28 http://web.archive.org/web/20030813200642/http:/www.sfcommerce.com/About/Investors/circular_feb2003_e.pdf
29 http://www.osc.gov.on.ca/en/SecuritiesLaw_ord_20031107_215_terrapaymentsinc.htm
30 https://www.moneyhouse.de/Wirecard-Technologies-GmbH-Aschheim
31 http://web.archive.org/web/20030813200642/http:/www.sfcommerce.com/About/Investors/circular_feb2003_e.pdf
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
ongoing legislative or judicial developments in the United States are of
particular importance to EBS Billing.

c. That the IP of EBS Billing was owned by Wire Card AG, the sister company of EBS
Billing:

The technology used by EBS Billing is provided by way of perpetual license from
its affiliate, WireCard AG. WireCard AG routinely upgrades and improves its
technology in accordance with EBS Billing’s requirements. As a result, EBS
Billing does not have the responsibility to protect any technology.
Wirecard’s Entry into Online Gambling and its Growth Driver: Click2Pay

39. Click2Pay is/was an e-wallet offering by Wirecard. In a follow up statement to a Zatarra

Research and Investigations’ (ZRI) research note, Wirecard highlighted a modest contribution
that Click2Pay made to Wirecard’s operations.32 Wirecard’s own filings and historical
statements indicate that Click2Pay may have been a strong contributor to Wirecard’s
operations.

Wirecard’s Response

In its response to ZRI Wirecard stated 33,34:

Click2Pay was positioned as a wallet predominantly for the European digital content
markets. Click2Pay was set up in full compliance with credit card regulations and the
UIGEA. Click2pay never reached a significant market position and transaction volume
processed as well as profit contributions were rather insignificant in relation to
Wirecards [sic] core products (e.g. under 4% EBIT contribution in 2008 going down to
0% from 2010 onwards).

ZRI highlighted

Wirecard’s statement on Click2Pay doesn’t correlate well with its own publically
documented information. In Wirecard’s own 2010 annual filings, Payment Processing
& Risk Management (PP&RM) contributed 94% to its net revenue. In the same annual
filing, Wirecard states that:
“In “Payment Processing & Risk Management” division, the Wirecard Group
generates revenues on services in the field of payment processing, particularly
on services rendered using the Financial Supply Chain Management (FSCM)
software and the product CLICK2PAY.”
It sounds unlikely that a product (CLICK2PAY) specifically mentioned in the division that
contributed 94% of revenue in 2010, contributed 0% in EBIT in 2010.”
40. The ZRI information is from Wirecard’s 2010 Annual Filing. Click2Pay’s filings to Dec 31, 2006,
state35:

32 http://www.zatarra-research.com/
33 http://zatarra-research.com/Response_to_Wirecard's_Statement.pdf
34 http://zatarra-research.com/Response_document_German_Zatarra.pdf
35 Filings at www.bundesanzeiger.de – search criteria Click2Pay GmbH
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
In 2007, Click2Pay GmbH will again contribute a significant part of the overall success
of the Wirecard Group, and then in the following year an increase of EBIT, the key
internal performance indicator, is expected.
Wirecard states that within a few years, Click2Pay’s contribution went from a significant part
of the overall success of the group to zero.
Markus Pfeiffer and the Development of Click2Pay

41. The InfoGenie 2003 Annual Report states that in early 2003, Wirecard’s parent, EBS Holding
AG, commissioned WireCard AG to develop the online wallet, Click2Pay.36 On November 25,
2003, 100% of the shares in Click2Pay were transferred to InfoGenie in return for shares in
InfoGenie. 37

42. InfoGenie states that Click2Pay catered to sports betting providers38:

The new subsidiary, Click2Pay GmbH, has an exclusive license to the Internet payment
system of the same name being marketed as a micro and macro payments solution for
international eCommerce and sport betting providers along with European media
portals.39

43. Wirecard’s financial statement do not provide any mention of Click2Pay being offered and
used as a payment method to online gamblers based in the United States. There is
considerable evidence that Wirecard used Click2Pay to process US facing online gambling.
40,41,42,43

44. By the time of Wirecard’s reverse merger into InfoGenie in 2005, the Wirecard prospectus
states that Click2Pay was licensed to Wirecard by a third party company, WafePay Ltd44:

Lizenzvertrag mit der Wafepay Ltd. über die Click2Pay-Lösung

Die Click2Pay GmbH hat mit der Wafepay Ltd., Larnaca, Zypern, einen Vermarktungs-
bzw. Lizenzvertrag über die Nutzung der CLICK2PAY – Software und Zahlungslösung für
den Bereich Online Gambling/Sportwetten/Glückspiel gegen eine prozentuale
Beteiligung an den Umsatzerlösen abgeschlossen. Dieser Vermarktungsvertrag ist auf
unbestimmte Zeit abgeschlossen, kann jedoch von jeder Partei mit einer Frist von
einem Jahr zum Ende eines Kalendervierteljahres gekündigt werden.
Kaufoption der Wire Card AG auf 100% der Anteile an der WafePay Ltd.

Die Wire Card AG hat mit Van Austin Ltd., England, der 100%-igen Anteilseignerin der
WafePay Ltd., Zypern, am 15. Juli 2004 einen Kaufoptionsvertrag abgeschlossen. Der
Zeitraum zur Optionsausübung läuft am 31.12.2006 aus. Der Kaufpreis soll durch
Ausgabe von Wire Card-Aktien aus genehmigtem Kapital erfolgen und bemisst sich
nach der tatsächlichen Vertiebsleistung der WafePay Ltd. in den Geschäftsjahren 2004

36 InfoGenie AG 2003 annual report – page 9 – “The product Click2Pay was developed in 2003 by Wire Card AG,
commissioned by ebs Holding AG.”
37 Wirecard merged with InfoGenie via a reverse merger in October, 2005
38 InfoGenie 2003 Annual Report – page 7
39 InfoGenie 2003 Annual Report – page 4
40 https://www.cardschat.com/f54/click2pay-full-tilt-153471/
41 https://answers.yahoo.com/question/index?qid=20100528080211AAMgjk5
42 http://sunshine-poker.com/Can-You-Play-Online-Poker-in-the-USA.html
43 http://www.cardplayer.com/poker-news/1784-ways-to-deposit-and-withdraw-at-online-sites
44 Wirecard prospectus – October 21. 2005 – page 80
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
und 2005. Für jede 170,000 USD tatsächlichen Außentransaktionsumsatz wird jeweils
1 Aktie gewährt, maximal jedoch 3 Mio. Aktien.

Translation:

License agreement with Wafepay Ltd. for the Click2Pay solution

Click2Pay GmbH has with Wafepay Ltd., Larnaca, Cyprus, a marketing and license
agreement on the use of CLICK2PAY - complete software and payment solution for the
areas of Online Gambling / Betting on a revenue share basis. This marketing
agreement is concluded for an indefinite period, but may be terminated by either party
with a period of one year at the end of each calendar quarter.
Leasing of Wirecard AG to 100% of the shares in WafePay Ltd.
Wirecard AG has with Van Austin Ltd., England, the 100% shareholder of WafePay Ltd.,
Cyprus, concluded an option agreement on 15 July of 2004. The period to exercise the
warrant expires on 31.12.2006. The purchase price is to take place through the issue
of Wirecard shares from authorized capital and calculated according to the sales
performance of WafePay Ltd. in the fiscal years 2004 and 2005. For each 170,000 USD
in transaction revenue 1 each share will be granted up to a maximum of 3 million
shares.

45. WafePay Ltd was incorporated in Cyprus on February 13, 2004.45 WafePay Ltd was reported
by Wirecard to be owned by Van Austin Limited. Van Austin was incorporated in the United
Kingdom on April 7, 2004; two months after WafePay Ltd was incorporated. 46

46. Van Austin Limited filings, at UK Companies House, show that Markus Pfeiffer and Brigitte
Holzer were among the Directors of Van Austin Limited.

47. Click2Pay GmbH filings at German Companies Register for 2006, show that Click2Pay GmbH
was owned by Wirecard since November 2003; three months prior to WafePay’s
incorporation and five months prior to Van Austin’s incorporation:

1.1 Rahmenbedingungen der Click2Pay GmbH

Die Click2Pay GmbH ist seit 25. November 2003 ein Unternehmen der Wirecard
Gruppe, die sich in ihrer achtjährigen Unternehmensgeschichte zu einem der
international führenden Anbieter elektronischer Zahlungsverkehrs-,
Risikomanagement- und Kommunikationslösungen entwickelt hat. Die Gruppe
beschäftigt dabei rund 400 Mitarbeiter an vier maßgeblichen Standorten und betreut
mehr als 7.000 Kunden.

45 https://opencorporates.com/companies/cy/HE145682
46 https://opencorporates.com/companies/gb/05098254
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Inconsistent Findings on the Origin of Click2Pay

48. Contrary to the InfoGenie 2003 Annual Report, a number of internet sources claim that
Click2Pay started in 2001, as opposed to the InfoGenie claims and the incorporation of
WafePay Ltd in 2004. 4748:

CLICK2PAY is part of WafePay Ltd, a German company like Paysafecard Sportsbook

started in 2001.

49. UK Company filings show that the initial owner of Van Austin Limited, which owned WafePay
Ltd, which licensed Click2Pay to Wirecard, was a Serbian national, Mladen Buljin.

50. One day prior to the incorporation of Van Austin Limited, on April 6, 2004, Mladen Buljin
incorporated World Tip Limited, a UK registered company, whose ownership was transferred
to a Serbian company, World Tip D.O.O. in April 2006.49

51. World Tip Limited was a sports betting site, in operation since February 2004. 50,51

Click2Pay’s Arrangement with Poker Companies to By-Pass the Unlawful Internet Gambling
Enforcement Act (UIGEA)

52. The UIGEA was introduced in the United States on October 13, 2006. 52 At that time, a number
of payment companies, which facilitated US online poker gambling, exited the market.

53. The UIGEA made it a federal crime for gambling businesses to knowingly accept forms of
payment in connection with the participation of another person in unlawful internet
gambling.53

54. The UIGEA made the processing of US facing gambling payment illegal. Click2Pay was already
active in this lucrative market.

55. Contrary to Wirecard’s claim that Click2Pay’s contribution to Wirecard’s diminished [see
section 39], a number of internet sources detail Click2Pay’s sizeable involvement in processing
US facing online gambling. Example, one reported Click2Pay staffer wrote shortly after the
introduction of the UIGEA54:

I have just spoken with a C2P [Click2Pay] support agent. I told him I knew that they
were not accepting NEW U.S. account but asked if there were plans to discontinue OLD
U.S. accounts
His answer, “I CERTAINLY HOPE NOT BECAUSE THAT WOULD MEAN I WILL BE OUT OF
A JOB, AS 85% OF OUR BUSINESS IS FROM THE U.S.”

47 http://www.gamblingdeposits.com/en/click2pay
48 http://www.crazymonkeycasino.com/cashier-click2pay.html
49 https://opencorporates.com/companies/gb/05096672
50 http://web.archive.org/web/20050204073724/http:/worldtip.com/eng/frame.html
51 http://web.archive.org/web/20050204074828/http:/worldtip.com/ger/frame.html
52 https://www.gpo.gov/fdsys/pkg/STATUTE-120/pdf/STATUTE-120-Pg1884.pdf
53 http://online.wsj.com/public/resources/documents/FullTiltAmendSuit_Sept20_2
54 http://www.casinomeister.com/forums/casino-industry-discussion/16208-click2pay-no-plans-close-u-s-accounts.html
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

56. Click2Pay’s filings at the German Companies Register, reveal that prior to the introduction of
UIGEA, that Wirecard expected Click2Pay to be a significant contributor to the Wirecard
Group:

7.5 Erwartete Ertrags- und Finanzlage

Im 2007 wird die Click2Pay GmbH wieder einen signifikanten Teil zum Gesamterfolg
der Wirecard Gruppe beisteuern und so wird auch im nächsten Jahr eine Steigerung
des EBITs, der wichtigsten internen Steuerungskennzahl, erwartet.
Bei den Umsatzerlösen der Click2Pay GmbH, die im Berichtszeitraum bei TEUR 20.541
lagen, werden in den folgenden Jahren weitere Steigerungen erwartet.
Ebenfalls werden die sonstigen betrieblichen Aufwendungen gemäß den Planungen
unterproportional steigen, das dazu führt, dass die Marge des Ergebnisses der
normalen Geschäftstätigkeit sich weiter verbessern wird.
Translation:
In 2007, Click2Pay GmbH will again contribute a significant part of the overall success
of the Wirecard Group, and then in the following year an increase of EBIT, the key
internal performance indicator, is expected. The sales revenues of Click2Pay GmbH,
which lay in the reporting period amounted to EUR 20 541, further increases are
expected in the following years.

57. The Full Tilt Poker website details that Wirecard and Full Tilt arranged a scheme whereby
United States online poker players could open a Click2Pay account directly through the Full
Tilt website. This was arranged after the introduction of the UIGEA and continued for a
number of years until the site was closed by the United States Department of Justice in April
2011.
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
58. Publicly Wirecard stated that Click2Pay would continue to service existing US customers, but
it would not take on new US clients for online gambling transactions. However, Wirecard used
a scheme with Full Tilt Poker and PokerStars so that new US online gamblers could open a
Click2Pay account through the Poker Company’s own website 55,56,57,58,59:

To create a new account with C2P [Click2Pay] US players can only register by clicking
on the Quick Sign up link available at the PokerStars cashier, then fill the registration
form that will pop up on your screen. Once you establish and confirm your C2P account,
it takes only seconds to make transfers to your PokerStars account by selecting the C2P
option from the PokerStars Cashier screen. To make the deposit request at PokerStars
use the C2P information required and the money will be credited on real time.
Another advantage of C2P is that is can be used to cash-out money from your
PokerStars account to C2P.
Regards,
Joseph,
PokerStars Deposit Assistance Department

59. This scheme to allow new US online gamblers to open a Click2Pay account was put in place
so that US poker players could deposit and withdraw online gambling related monies through
the poker sites. This was the front end. The back end required the falsification of payment
details so that the US poker related payments could be passed through the Visa and
MasterCard system and defraud United States financial institutions.

55 http://web.archive.org/web/20080626195104/http:/www.click2pay.com/
56 http://web.archive.org/web/20090819075245/http:/www.click2pay.com/users/payin-payout.html
57 http://web.archive.org/web/20080714151412/http:/www.fulltiltpoker.com/Click2Pay
58 http://web.archive.org/web/20100620170840/http:/www.fulltiltpoker.com/Click2Pay
59 http://forumserver.twoplustwo.com/28/internet-poker/so-i-read-click2pay-wasnt-accepting-anymore-us-customers-

wrong-282289/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Inatec

60. Trustpay International was purchased by Wirecard AG on October 27, 2007, for €43 Million.
A month later it was reported that Trustpay had purchased Herview Limited, Gateway Interim
One and Gateway Interim Two (formerly Gateway Payment and Gateway Payment Holdings
Limited).

61. Dietmar Knöchelmann was already a Director of all three companies; he resigned from these
positions between December 2008 and March 2009.

62. In November 2016, Dietmar Knöchelmann was convicted in Israel of being party to a large
scale fraud that centered on the falsification of payment transaction codes to disguise online
payments related to gambling, pharmaceuticals and pornography. As part of Knöchelmann’s
plea, he admitted to being a representative of a company that engaged in online credit
merchant acquiring in 2008 to 2010, to help ICC-Cal and its senior executives commit fraud.
This fraud was conducted when he was a Director of Wirecard subsidiaries.60

63. Rüdiger Trautmann was the Director of Wirecard Sales International (formerly Trustpay AG),
Wirecard Retail Services (March to August 2006) and COO of Wirecard AG (November 2005
to February 2010).

64. According to Swiss company record, Rüdiger Trautmann was the founding Director of Inatec
Payment AG in March 2009. A position that was not disclosed to Wirecard before he resigned
from Wirecard for “personal reasons” just under a year later on January 31, 2010.

65. In December 2006, a German company BetonUSA AG was split into two companies. One
company focused on gambling, the other controlled payment processing companies 61:

Dez 04, 2006 12:00:00 Pressemitteilung der Betonusa AG

Aufteilung der Betonusa AG in zwei börsennotierte Unternehmen

Der Vorstand der Betonusa AG (WKN: A0B921) hat beschlossen, der kommenden Ende
März 2007 stattfindenden Hauptversammlung vorzuschlagen, den gesamten Teil des
Geschäftsbereichs IPSP (Internet Payment Service Providing), der unter der Genpage
Holding AG zusammengefasst ist, abzuspalten.

Mit der Abspaltung entstehen zwei unabhängige Gesellschaften: die Betonusa AG mit
Beteiligungen im Bereich des interaktiven Online Entertainment und die Genpage
Holding AG mit Beteiligungen im IPSP-Markt.

Die Genpage Holding AG konzentriert sich auf den IPSP-Markt

Die Genpage Holding AG (Frankfurt) umfasst als Finanzholding die folgenden
Beteiligungen:
100% WebTRADE.NET The-Payment.Company GmbH (Frankfurt)
100% Inatec Solutions GmbH (Frankfurt)

60https://ftalphaville.ft.com/2016/11/22/2180130/dietmar-knochelmann-and-the-icc-cal-affair/
61http://www.dgap.de/dgap/News/corporate/betonusa-aufteilung-der-betonusa-zwei-boersennotierte-
unternehmen/?newsID=65838
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
80,8% Blitztrade Gesellschaft für elektronische Märkte und Börsensysteme
mbH (Mannheim)

Translation:

Dec 04, 2006 12:00:00 Press release from Betonusa AG

Distribution of Betonusa AG into two listed companies
The Management Board of Betonusa AG (WKN: A0B921) has decided to submit to the
forthcoming at the end of March 2007 part of the IPSP (Internet Payment Service
Providing) division, the under the GenPage Holding AG.
With the demolition, two independent companies are created: the Betonusa AG with
participations in the area of interactive online entertainment and GenPage Holding AG
with interests in the IPSP market.
GenPage Holding AG focuses on the IPSP market

As a financial holding, Genpage Holding AG (Frankfurt) comprises the following

participations:

100% WebTRADE.NET The-Payment. Company GmbH (Frankfurt)

100% Inatec Solutions GmbH (Frankfurt)

80.8% Blitztrade company for electronic markets and Börsensysteme mbH

(Mannheim)

66. Inatec Solutions GmbH (German registered) is a payment processing company.

67. In February 2007, WebTRADE.NET and Inatec Solutions were sold to an “unknown group of
investors”.

68. The acquirers of WebTRADE.NET and Inatec Solutions is believed to have been Directors of
Wirecard AG. The following claims to be from a press release by BETonUSA in February 2007,
but the source cannot be confirmed62,63,64:

Die Wirecard AG (WKN 747206) hat die langjährigen Konkurrenten Webtrade.net

GmbH und Inatec Solutions GmbH sowie deren Holding-Gesellschaft Genpage Holding
AG in Frankfurt am Main von der Betonusa AG / Hannover übernommen. Die Betonusa
AG hatte den Verkauf „an eine Gruppe internationaler Investoren“ am Freitag, den 9.
Februar 2007 gemeldet (http://www.betonusa.de/downloads/bet...s09022007.pdf),
nachdem sämtliche Schlüssel-Mitarbeiter das Unternehmen in unbekannte Richtung
verlassen hatten.

62

http://web.archive.org/web/20070510111111/http://www.betonusa.de/downloads/betonusa_corporatenews09022007.p
df
63 http://www.wallstreet-online.de/userinfo/375164-mikemuir
64 http://web.archive.org/web/20071111211309/http://www.wettenforum.com/forum/gluecksspielaktien-aktien-aus-der-

wettbranche/wettaufdeutschland-von-bet-usa-4-485.html
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Rüdiger Trautmann (Vorstand der Wirecard AG) und Paul Bauer-Schlichtegroll
(Aufsichtsratsmitglied, Gründer) haben sich bereits am selben Tag den (verbliebenen)
Webtrade- und Inatec-Mitarbeitern persönlich in Frankfurt als „neue
Herrn“ vorgestellt und den neuen GF Wagner präsentiert.

http://www.wettenforum.com/forum/gluecksspielaktien-aktien-aus-der-
wettbranche/wettaufdeutschland-von-bet-usa-4-485.html

Translation:

Wirecard AG (WKN 747206) acquired the long-standing competitors Webtrade.net

GmbH and Inatec Solutions GmbH as well as their holding company Genpage Holding
AG in Frankfurt am Main from Betonusa AG / Hanover. Betonusa AG had reported the
sale "to a group of international investors" on Friday, 9 February 2007
(http://www.betonusa.de/downloads/bet...s09022007.pdf), after all key employees
the had left business in an unknown direction.

Rüdiger Trautmann (Management Board of Wirecard AG) and Paul Bauer

Schlichtegroll (board member, founder) have the (remaining) Webtrade- and Inatec
staff personally introduced already on the same day in Frankfurt as a "new master"
and the new GF Wagner presented.

http://www.wettenforum.com/forum/gluecksspielaktien-aktien-aus-der-
wettbranche/wettaufdeutschland-von-bet-usa-4-485.html

69. A year after the sale of WebTRADE.NET and Inatec Solutions, in January 2008, Torsten
Doppler, Wirecard’s Head of Sales (Sep 2004 to Sep 2007) was listed as the Sales contact for
WebTRADE.NET.65,66

70. Wirecard’s Head of Partner Management, Berit Willenbockel (2008 to Present), was listed as
Partner Manager for WebTRADE.NET in January 2008 until at least June 2008.67

71. Markus Pfeiffer was detailed as CEO alongside Torsten Doppler to WebTRADE.NET.68

72. WebTRADE.NET was detailed as an affiliate to and offered a prepaid card provided by
Wirecard Bank.69

73. Inatec Solutions was detailed as 100% subsidiary of WebTRADE.NET as of 2003, and remained
so until the suspected sale to Directors of Wirecard.70

74. Karl Fiederling was appointed CEO to Inatec Solutions from May 2007 to August 2008. 71,72
Fiederling is a business associate of Paul Bauer-Schlichtegroll (Wirecard’s founder and former
Supervisory Board Member) and Markus Pfeiffer.

65 https://www.linkedin.com/in/torsten-doppler-3657a826
66 http://web.archive.org/web/20080107085817/http:/www.mywebtrade.net/page/kontakt.php
67 http://web.archive.org/web/20080611053357/http://www.mywebtrade.net/page/kontakt.php
68 http://web.archive.org/web/20080607113027/http://www.mywebtrade.net/page/impressum.php
69 http://web.archive.org/web/20080606033825/http://www.mywebtrade.net/affilinet/friends/faq.php
70 http://web.archive.org/web/20051126214650/http:/www.inatec.com/html/ger/inatec/
71 https://www.moneyhouse.de/Inatec-Solutions-GmbH-Frankfurt-am-Main
72 http://web.archive.org/web/20080802045755/http://www.powercash21.com/kontakt.html
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
75. Inatec Solutions is believed to have been transferred to Inatec Payment in 2009. At this point
both Dietmar Knöchelmann and Rüdiger Trautmann are still employed at Wirecard but it
could coincide with when Rüdiger Trautmann sets up Inatec Payment AG.

76. From August 2009, Ayelet Fruchtlander (later to become Ayelet Knöchelmann, believed
through marriage to Dietmar Knöchelmann) was a Director of Inatec Solutions along with
Dietmar Kuhl until Dietmar Kuhl resigned and Rüdiger Trautmann became CEO on March 15,
2011.

77. Dietmar Kuhl worked for Wirecard for 2 years in International Sales directly prior to his move
to Inatec Solutions in October 2007.73

Note: The employment of an ex-Wirecard employee and positioning of Dietmar

Knöchelmann’s girlfriend as CEO is circumstantial evidence that would suggest that Directors
of Wirecard purchased the company from BetonUSA. Note Ends.

78. According to Inatec Payment’s website, a Cypriot company called Marimune Ltd is part of its
Group. Marimune offer mobile point of sale technology mPos21. The Marimune director is
Dietmar Knöchelmann. 74

Franky Schoonbaert

79. Franky Schoonbaert is an associate of Dietmar Knöchelmann and Rüdiger Trautmann.

80. Schoonbaert was a Director alongside Knöchelmann, and a Canadian, John Carbone, at the
Gateway Group of companies, which were acquired by Wirecard through Trustpay
International in October 2007 for €43 Million.75

81. Schoonbaert is currently a Director alongside Knöchelmann and Trautmann at the Cypriot
company, Powercash21 Limited.76 Powercash21 states it is a principal member of Visa and
MasterCard with both acquiring and issuing certifications. 77 It is affiliated to Powerpay21,
mPos21 and Powercard21.78,79,80

82. Powerpay21 and mPos21 are linked to Powerpay E-Com, an Irish company that was
registered to Ulysses House, Foley Street, Dublin 1. This is the same registered address as that
for Wirecard UK & Ireland.81,82

83. Powerpay E-Com was registered in August 2015. Rüdiger Trautmann is the Director to
Powerpay E-Com. Powerpay E-Com’s shareholders are Istart GmbH, Rüdiger Trautmann’s
company and Translux Holdings Limited, Dietmar Knöchelmann’s entity.

84. The secretary/presenter of accounts for Powerpay E-Com is Gatal Holding Company. Andy
Quinn is a 50% shareholder of Gatal Holding Company. Andy Quinn was a Director of the

73 https://de.linkedin.com/in/dietmarkuhl/en
74 https://opencorporates.com/companies/cy/HE276185
75 Wirecard 2007 Annual Report
76 https://opencorporates.com/companies/cy/HE289380
77 http://powercash21.com/
78 http://powerpay21.com/
79 http://mpos21.com/
80 http://powercard21.com
81 http://web.archive.org/web/20160830104253/http://powerpay21.com/contact-us/
82 http://www.wirecard.co.uk/imprint/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Gateway companies sold to Wirecard and Wirecard UK & Ireland (June 2006 to January
2010).83 Andy Quinn is a registered accountant and managing partner of Moore Nathan
Stephens.

85. Upon Trautmann’s departure from Wirecard, Trautmann became the Director and 50%
shareholder of Roteral Limited (Ireland registered). Dietmar Knöchelmann is also a Director
and 50% shareholder. They both took up position on February 9, 2010, immediately upon
leaving Wirecard.

Note: Trautmann’s Directorship at Inatec Payment is not disclosed in the Irish filings. Note
ends.

86. The Powerpay associated companies is a project of Nelson Burtnick.84 Burtnick worked for
PokerStars as the company’s Director of payments until 2008 when he moved to Full Tilt
Poker performing the same role. In 2011, eleven executives were arrested for violating UIGEA
laws by committing bank fraud and money laundering to process their transfers of approx.
$3bn. Burtnick worked with third-party payment processors and other executives at the poker
companies to deceive banks into unknowingly processing financial transactions for the poker
companies. Two of the bank accounts used in the crime were identified as Wirecard Bank
accounts.85

87. In 2012, Burtnick pled guilty to conspiracy to commit bank fraud and money laundering, and
two counts of accepting funds related to illegal gambling, for his actions at both companies
(PokerStars and Full Tilt). In December 2012, he was sentenced to time served and one year’s
conditional release.

88. After his release from prison, Burtnick began his employment at Inatec Solutions GmbH as its
Chief Operating Officer since August 2013.

Falsification of Payment Details – Markus Pfeiffer, Franky Schoonbaert, Subcrest Limited, Dentacroft
Limited, and Inatec

89. Two companies that were used to process illegal US online gambling payments were:

a. Subcrest Limited

b. Dentacroft Limited

90. A number of internet sources detail the confusion to US online gambling customers when they
saw “Subcrest-Serv.com” on their credit card statements.86,87,88

83 https://companycheck.co.uk/company/IE409923/WIRECARD-UK-AND-IRELAND-LIMITED/companies-house-data
84 https://www.linkedin.com/in/nelsonburtnick
85 https://archives.fbi.gov/archives/newyork/press-releases/2012/online-poker-executive-pleads-guilty-in-manhattan-

federal-court-to-money-laundering-bank-fraud-and-internet-gambling-offenses
86 http://www.pocketfives.com/f13/possible-credit-card-stolen-535657/
87 https://answers.yahoo.com/question/index?qid=20090908100054AAWFweW
88 http://web.archive.org/web/20091126154500/http:/subcrest-serv.com/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

91. Subcrest and Dentacroft were incorporated in the United Kingdom on June 15, 2006.89,90

89 https://opencorporates.com/companies/gb/05847862
90 https://opencorporates.com/companies/gb/05847840
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
92. Franky Schoonbaert was Director to both Subcrest and Dentacroft.

93. Markus Pfeiffer registered the domains to Subcrest and Dentacroft, www.subcrest-serv.com,
and www.cc-dentacroft.com.

94. The Subcrest and Dentacroft domains were registered to the same address as the payment
processor, Inatec Solutions.91 Inatec Payment AG, is a sister company to Inatec Solutions
GmbH, and according to Visa Europe, is an approved Merchant Agent. 92

91http://web.archive.org/web/20090404090742/http:/www.inatec.com/de_contact.phtml
92https://www.visaeurope.com/media/images/visa%20europe%20merchant%20agent%20list%20november%202016-73-
40623.pdf
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Ownership of Subcrest Limited

95. Subcrest Limited was owned by a British Virgin Islands entity, Fermoya Ltd, and the UK entity,
B.M.I.E Ltd, the latter which was also was owned by Fermoya. The company secretary was
Bournewood Limited.

96. Fermoya, B.M.I.E. and Bournewood were the same shareholders and company secretary to:

a. Wire Card UK Limited93

b. Bluetool Ltd94,95

c. Bluemay Enterprises Limited96,97

d. Lyncrest Systems Limited98,99

e. Trussel Limited100,101

97. These companies all have connections to a UK individual, Simon Dowson, who is central to an
investigation into a network of more than 1,000 scam companies located in Consett, County
Durham.102 Simon Dowson was Director alongside Rüdiger Trautmann to Wire Card UK and
according to media and unbeknownst to Gail Hope (a local college teacher) appointed Hope

93 https://opencorporates.com/companies/gb/05888415
94 https://opencorporates.com/companies/gb/06929761
95Michael Schütt

Michael Schütt is a German national residing in Florida. He was investigated by United States Secret Service Special Agent,
Nicholas Menster, in February 2010.
Special Agent Menster detailed that Schütt received monies totaling approx. $70,000,000.00 into the United States for
illegal online poker related transactions. Hence, breaching the Unlawful Internet Gambling Enforcement Act and the United
States Wire Act. Schütt pled guilty to operating an unlicensed money transmittance business.
Illegal monies were sent to Schütt by 3 companies: Bluetool Ltd, EPF Ltd & Co. KG, and International Payment Systems
Corporation. These three companies link to Directors and associates of Wirecard.
Through a Wirecard Bank account, Bluetool transmitted illegal monies to Michael Schütt in the United States. Evidence
filed after Menster’s investigation, at UK Companies House in the United Kingdom details that Bluetool had the same
owners, company secretary, company location, and Director overlap as Wire Card UK. Wire Card UK Limited was
incorporated by Rüdiger Trautmann, Wirecard’s Chief Operating Officer.
96 https://opencorporates.com/companies/gb/07187480
97

https://www.insolvencydirect.bis.gov.uk/piudb/viewpiucasedetails.asp?companyname=Bluemay%20Enterprises%20Limite
d - On 01 July 2011 Bluemay entered into an agreement with a principal, Bluemay Enterprises N.V whereby the former
would hold a website, www.7red.com, on trust for the latter and any income derived from this website is the property of
principal.
The Company’s abbreviated accounts for the years-ended 30 June 2011 and 30 June 2012 show profits of £478 and £833
respectively. A Bluemay account at Wirecard Bank AG had total credits of €36,259,489 between 01 January 2011 and 18
March 2013. Owing to the failure to maintain, preserve and/or deliver up accounting records it was not possible to
reconcile the apparent minimal activity declared in the published accounts with the volume of transactions passing through
the Company’s Euro account.
98 https://opencorporates.com/companies/gb/06811309
99 https://www.insolvencydirect.bis.gov.uk/piudb/viewpiucasedetails.asp?companyname=Lyncrest%20Systems%20Limited

- Lyncrest’s principal is Dovermill Services Limited, a company registered in Nigeria. The websites held in trust by Lyncrest
appear to be adult websites.
100 https://opencorporates.com/companies/cy/HE180699
101

https://www.insolvencydirect.bis.gov.uk/piudb/viewpiucasedetails.asp?companyname=Lyncrest%20Systems%20Limited-
Lyncrest’s principal is Dovermill Services Limited, a company registered in Nigeria. The websites held in trust by Lyncrest
appear to be adult websites.
102 http://www.reuters.com/investigates/special-report/britain-consett-companies/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
as a Director to Bluetool Ltd. Bluetool held a Wirecard Bank account that was used to
distribute approx. $70 Million in online gambling payments into the United States.

98. On June 15, 2010, the shareholding in Subcrest was transferred to another UK registered
company, Krestcom Limited.103

99. The initial shareholders to Krestcom were also Fermoya Ltd, and B.M.I.E. Ltd.

100. Krestcom’s initial shareholders and registered address was the same as that of
Bluetool. Bluetool transferred illegal monies into the US through a Wirecard Bank account.

101. Krestcom’s initial shareholders, company secretary, company location, and Director
were the same as those for Wire Card UK. Wire Card UK Limited was a UK company
incorporated by Rüdiger Trautmann, Wirecard’s COO (at the time).

102. On June 15, 2010, the same day ownership of Subcrest was transferred to Krestcom,
the ownership of Krestcom was transferred to Huntingville Limited, an Irish registered
company.

103. Huntingville (Ireland) shareholders were Markus Pfeiffer and a BVI entity,
Xpresscharge Ltd. Markus Pfeiffer registered the domain, Subcrest-Serv.com, while the
domain was owned by Xpresscharge Ltd, and the address provided for the domain was that
of Inatec Solutions.

104. Huntingville Limited (Ireland registered) was at one time owned by Huntingville
Limited in St. John’s Antigua. One of the Directors to Huntingville (Ireland) was Brian Scanlon.
Scanlon was also an Director to Krores Limited (Ireland Registered). Krores Limited (Ireland)
was incorporated by Dietmar Knöchelmann in 2007. The co-founder of Krores, Vineet Katial,
claims the entity was “sold to a listed German bank”. 104,105

105. Franky Schoonbaert was presenter of Huntingville Limited’s (Ireland) filings.

Huntingville’s registered office was the same registered office as that of Axxis Customer
Support & Operations Centre Ltd. Axxis was a company with Franky Schoonbaert and Marco
Bolzern as Directors.106

Note: Marco Bolzern is a Swiss notary and husband of Tamara Bolzern. Tamara Bolzern is a
Director of Inatec Payment AG, with Rüdiger Trautmann. Marco Bolzern is also a Director to
Rüdiger Trautmann’s Swiss company, Istart GmbH. Note ends.

103 https://opencorporates.com/companies/gb/05847846
104 http://detroit.tie.org/event/success-stories-immigrant-entrepreneurs/
105 https://engineering.wayne.edu/entrepreneurship/anderson/advisory-board.php
106 https://www.moneyhouse.ch/de/company/istart-gmbh-4782661291
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

Xpresscharge Believed to be Owned by Paul Bauer-Schlichtegroll

106. Tindaro Florio is a Lichtenstein based Business Administrator. 107 Florio currently
works for Legacon Treuhand Anstalt / Trust Est, employed by Legacon since 2012. Prior to
Legacon in 2012, Florio was CEO to S. Kaiser Treuhand, a small Lichtenstein based trust
company.108

107. Florio worked with Claudio Gerber at S. Kaiser Treuhand and continues to work with
Gerber at Legacon. 109,110

108. Tindaro Florio has served at a number of companies connected to Paul Bauer-
Schlichtegroll and Markus Pfeiffer:

a. Florio served as Director to Cosmopolitan Property Schweiz AG, alongside Paul

Bauer-Schlichtegroll among a number of other entities111,112,113,114.

b. Florio served as shareholder and Managing Director of CB Enterprises AG, alongside

Chris Bauer-Schlichtegroll (the son of Paul Bauer-Schlichtegroll) among a number of
other entities. 115,116,117

c. Florio served as a Deputy Supervisory Board Member alongside Chairman Paul Bauer-
Schlichtegroll and Board Member Markus Pfeiffer at Cosmopolitan Properties AG.118

107 http://www.legacon.li/ansprechpartner/tindaroflorio.aspx
108 http://www.monetas.ch/htm/653/de/Aktuelles-Management-S-Kaiser-Treuhand.htm?subj=401882
109 http://www.enomcentral.com/whois/trefaag-com.html
110 http://www.legacon.li/en-us/sachbearbeitung.aspx
111 http://www.monetas.ch/htm/655/de/SHAB-Publikationen-COSMOPOLITAN-PROPERTY-SCHWEIZ-

AG.htm?subj=2118196
112 https://www.easymonitoring.ch/handelsregister/geo-oekogrund-ag-886300
113 https://www.shabex.ch/co/exc/geo_oekogrund_ag_CH-501.3.009.314-5.htm
114 https://www.moneyhouse.ch/de/company/lhe-holding-ag-21168017851
115 http://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=6506138
116 http://www.webliste.ch/hr/zh/greengreenhotels-ag/schlieren/ch17030348704
117 http://fulenbach.swiss-data-history.com/company_detail.aspx/CH17030348704--GreenGreenHotels-AG--Schlieren-

8015
118 http://www.deutsche-unternehmen-register.com/pub?id=8213279
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
d. Florio served as a board member alongside Paul Bauer-Schlichtegroll and Markus
Pfeiffer at Eco Design AG.

109. Markus Pfeiffer registered the XPC-Online.com domain.

Note: “XPC” is believed to represent Xpresscharge. Note ends.

110. Xpresscharge Ltd was the owner of the XPC-Online.com domain. This was registered
to the address (at the time) for Inatec Solutions GmbH.

111. Karl Fiederling was the CEO (at the time) of Inatec Solutions GmbH. Karl Fiederling is
an associate of Paul Bauer-Schlichtegroll, Wirecard’s founder.

112. Claudio Gerber, associate to Florio Tindaro, was the admin contact for the
Xpresscharge.net domain. This was registered to the address (at the time) for S.Kaiser
Treuhand.

113. Markus Pfeiffer registered the domain, Porn-Maxx.com. The owner of Porn-
Maxx.com domain is listed as Xpresscharge Ltd. The address to which Porn-Maxx.com was
registered is Hanauer Landstr. 161-173, Frankfurt. This is the same address as Inatec
Solutions.

114. Markus Pfeiffer registered the domain, Third-On.Biz. The owner of Third-On.Biz
domain is listed as Xpresscharge Ltd. The address to which Third-On.Biz was registered is
Hohenbrunner Weg 21a, Taufkirchen. This is the same address as AC Europe GmbH (originally
EBS Mobil GmbH – a subsidiary to Wirecard’s former parent, EBS Holding).

115. Andrea Görres, Wirecard’s Legal Director, and Markus Pfeiffer were Directors of AC
Europe. Paul Bauer-Schlichtegroll and Markus Pfeiffer were Directors of AC Europe when it
was formerly known as EBS Mobil.
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

Xpresscharge Owns Online Casinos that Served US Players After the Introduction of the UIGEA

116. Xpresscharge Ltd is stated as the shareholder to WS Processing Limited (Ireland).

117. WS Processing Limited (Ireland) is reported to be the owner of the online casinos:

i. Betjamaica.com119

ii. Pokerworld.com120

iii. TheGreek.com121

119 http://web.archive.org/web/20081026044716/http:/www.betjm.com/asi/wpbanking.asp
120 http://www.pokerworld.com/
121 http://www.theonlinebettingsite.com/bookmaker-reviews/the-greek/
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

Signs of Illegal Activity Currently Continuing

118. Franky Schoonbaert is currently Director to Powercash21, the Cypriot registered

company, owned by Rüdiger Trautmann and Dietmar Knöchelmann, and Member of Visa and
MasterCard.

119. Schoonbaert was a Director of Mailcroft Limited (UK registered), which was dissolved
in July 2016, shortly after the release of ZRI research. 122 The ownership of Mailcroft Limited is

122 https://opencorporates.com/companies/gb/06571654
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
detailed to be Huntingville Ltd the Irish entity detailed to be owned by Markus Pfeiffer and
Xpresscharge Ltd (believed to be owned by Paul Bauer-Schlichtegroll; see section 106-115).123

120. Franky Schoobaert registered the website, www.Verantex.com, under Mailcroft

Limited.124,125

121. As shareholder to Huntingville Ltd, which owned Mailcroft Limited, Markus Pfeiffer
and Xpresscharge Ltd (believed to be owned by Paul Bauer-Schlichtegroll; see section 106-
115) are believed to be the ultimate beneficial owners of the Verantex.com site.

122. Verantex is detailed as an e-payments company, with contact listed as Netcom

Business Solutions PTE. Ltd. whose registered office and principal place of business is at 111

123 https://beta.companieshouse.gov.uk/company/06571654/filing-history
124 http://web.archive.org/web/20160823152607/http://verantex.com/
125 http://www.tcpiputils.com/browse/domain/verantex.com
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
North Bridge Road #08-16, Peninsula Plaza Singapore (179098).126,127 This is the same
registered office and principal place of business as that of Inatec Payment PTE. Ltd.128,129

123. Franky Schoonbaert registered the website, www.servmentro.com, under Mailcroft

Limited.

124. As shareholder to Huntingville Ltd, which owned Mailcroft Limited, Markus Pfeiffer
and Xpresscharge Ltd (believed to be owned by Paul Bauer-Schlichtegroll; see section 106-
115) are believed to be the ultimate beneficial owners of the Servmentro.com site.

125. Servmentro.com is detailed as a credit card billing query point, which mentions it
being the service page for www.mentro-services.com. www.mentro-services.com is detailed
as a gift card/voucher site, whose place of business is at 136 Sharifzadeh Street, ap 38, AZ
1122 Baku, Azerbaijan.130,131

126 http://web.archive.org/web/20160321141457/http:/verantex.com/index.php/about-us.html
127 https://www.sgpbusiness.com/company/Netcom-Business-Solutions-Pte-Ltd
128 https://opencorporates.com/companies/sg/201003688H
129 https://www.sgpbusiness.com/company/Inatec-Payment-Pte-Ltd
130 http://web.archive.org/web/20150222135739/http://www.mentro-services.com/index.php
131 http://web.archive.org/web/20150222120800/http://www.mentro-services.com/shop_content.php?coID=7
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE

126. Franky Schoonbaert registered the website, www.mentaro-pc-service.com, under

Mailcroft Limited.

127. As shareholder to Huntingville Ltd, which owned Mailcroft Limited, Markus Pfeiffer
and Xpresscharge Ltd (believed to be owned by Paul Bauer-Schlichtegroll; see section 106-
115) are believed to be the ultimate beneficial owners of the mentaro-pc-service.com site.

128. Mentaro-pc-service.com is detailed as technical support company providing spyware

and anti-virus . Its corporate office is detailed as the same address as www.mentro-
services.com (the gift card/voucher site). Both companies principal place of business is at 136
Sharifzadeh Street, ap 38, AZ 1122 Baku, Azerbaijan.132,133 However, Mentaro-pc-service.com
states that it provides services in the Fort Worth, Dallas, Keller, Southlake, Trophy Club, Hurst,
Euless, Bedford, Grapevine, Saginaw, Lewisville and surrounding areas in the United States.

132 http://web.archive.org/web/20150222135739/http://www.mentro-services.com/index.php
133 http://web.archive.org/web/20150222120800/http://www.mentro-services.com/shop_content.php?coID=7
Project VisMas. REPORT: WIRECARD AG. Nov 25, 2016.
STRICTLY CONFIDENTIAL. PROFESSIONAL LEGAL PRIVILEGE
129. Franky Schoonbaert registered the website, www.pc-services-softcare.com, under
Mailcroft Limited.

130. As shareholder to Huntingville Ltd, which owned Mailcroft Limited, Markus Pfeiffer
and Xpresscharge Ltd (believed to be owned by Paul Bauer-Schlichtegroll; see section 106-
115) are believed to be the ultimate beneficial owners of the pc-service-softcare.com site.

131. Pc-service-softcare.com is detailed as technical support company providing spyware

and anti-virus . Its corporate office and principal place of business is detailed as a residential
address at Carpenter Court, 1 Maple Road, Bramhall, Stockport, Cheshire, SK7 2DH, United
Kingdom.134 The Pc-service-softcare.com site is identical to Mentaro-pc-service.com and also
states that it provides services in the Fort Worth, Dallas, Keller, Southlake, Trophy Club, Hurst,
Euless, Bedford, Grapevine, Saginaw, Lewisville and surrounding areas in the United States.135

132. There are a number of other websites that appear to be phony scam sites registered by Franky
Schoonbaert under the ownership of Markus Pfeiffer and Xpresscharge Ltd (believed to be
owned by Paul Bauer-Schlichtegroll). These and the above sites were active as of 2016.

REPORT ENDS

134

https://www.google.co.uk/maps/place/Carpenter+Court,+1+Maple+Road,+Bramhall,+Stockport+Cheshire+SK7+2DH/@53.
3572284,-2.1644426,3a,75y,71.67h,90t/data=!3m7!1e1!3m4!1sCKFqGn-
o8IuDul4JdXIRjg!2e0!7i13312!8i6656!4b1!4m2!3m1!1s0x0:0x42a4f5cd9a44f9fb!6m1!1e1
135 http://web.archive.org/web/20160305033316/http:/pc-service-softcare.com/