Safkhet Capital
@SafkhetCapital
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“My impression is that she’s definitely intelligent, but also… overzealous and argumentative. I find her a difficult person to be around.” DMs open.
New York, NY
Joined August 2017
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Pinned Tweet
Read our $ATGE report and more at: (14/14)
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I’m a short-only fund manager and I survived 2020 long enough to make it to my 30th birthday.
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We're nearly at the 2 year anniversary of the unprecedented ban in short selling Wirecard that was ordered by the German securities regulator. (1/12)
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Hello Twitter! I'm excited to finally engage with you all on the markets and fraud. (1/8)
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Short sellers may not be the ideal check, but they are a necessary one especially in a moment where earlier lines of defense seem wholly unwilling. (12/12)
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Tomorrow we will be shining a light on a mid-cap company that has taken in over $12 billion in US taxpayer dollars over the past decade, but has failed to deliver on the promises that funding is contingent on. (1/3)
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Wirecard's crusade against short sellers was driven by the fact they knew that we knew. We knew the depth of the criminality and lies. We knew they got too far ahead of themselves and as the underworld moved towards diffuse crypto networks, its utility was diminishing. (4/12)
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Just over one year after that ban, Wirecard executives and associates were either arrested or on the run, and a global examination of how the company laundered money for cartels and oligarchs is underway. (2/12)
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Burning short sellers at the stake may satisfy our most primal urges, but it rarely ends favorably for any parties involved. (6/12)
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Three weeks ago,
@Wirecard
expressed pity that
@SafkhetCapital
couldn't make sense of its reported financials. Looks like
@EYNews
couldn't either. The card was from Dec, but feeling a bit like Xmas in June for those who’ve been in the trenches.
@_MarkusBraun
makes a good Krampus.
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Laughing amongst ourselves while the fustian fraudsters continue flailing at us.
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Adtalem Global Education $ATGE is a for-profit university operator that has benefited from billions in public funds, last year collectively bringing in more Title IV funding than any public, non-profit, or proprietary institution. (1/14)
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The short selling ban was waved around by Wirecard as an exoneration; it was used to broker deals, sell nearly $1.5 billion in new debt, all while in the background, its masterminds carefully planned the company’s own demolition. (5/12)
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Then there are those that used exuberant equity markets to buy back stock, sell more stock, pay massive bonuses to execs, demand bailouts, lobby, all while laying off employees during a pandemic and economic crisis. I guarantee there's a short seller looking out for that. (9/12)
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Wirecard's executives co-opted government agencies, politicians, and investment banks in its crusade against short sellers... not because Wirecard was concerned about shareholder losses, job losses, or service disruptions. (3/12)
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There is informational value in every position held on a security, short or long. And for the former, the value is even richer, since it runs contrary to the market and a company's wishful narrative. (10/12)
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Inequity is bad for business and it's bad for markets. Further enriching coffers of corporate demi-gods, without holding them accountable to the public, their consumers, and their shareholders exacerbates that. (11/12)
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No tricks this year, instead this little lady braved the cold to go vote. Plenty of treats after. Have a safe, happy Halloween and VOTE!!
#votenyc
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Just like companies such as payday lenders, for-profit prisons and universities, opioid peddlers, unsafe consumer goods makers, price gougers... all tend to have sizable short interest. (8/12)
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If investors followed the short interest in Wirecard, then that would've allowed them to make more informed decisions, maybe even consider the possibility something is amiss. (7/12)
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I hear a lot of folks talking about how irresponsible it is that the average American family doesn’t have enough saved to pay for unexpected medical bills or rainy days. Since my last tweet, we already see people turning to predatory credit products to weather this storm. (1/7)
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#HappyHalloween
to all the goblins, ghouls, and gremlins, especially those slickly dressed public company executives and deified Founder-CEOs. We don’t have a sweet tooth so only serving up tacos and tricks tonight...
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Back in Oct
@bergermann1904
reported, “Quadir sagt dazu: „Ich wünsche Markus Braun viel Glück.“ Sie hatte die Konferenz besucht und zeitweise direkt hinter Braun gesessen – ganz dicht in seinem Nacken.” I guess sometimes I do bite. Goodbye and good luck,
@_MarkusBraun
.
#Wirecard
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We're coming for you. Everyone else: please hang in there and once we make it through, let's fight together to make this country and world a fairer place. (7/7)
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Please stay safe and healthy, body and mind. Take care of yourselves and your neighbors. Projecting all our love and positive thoughts... unless you're actively looking to exploit today's suffering. (5/5)
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What I find irresponsible and reprehensible: how our largest companies--despite free $ and tax reform--don’t have enough saved to pay employees but are still levering to the hilt and relying on tax $ to keep the party going. Please spare me the “virus is not their fault.” (3/7)
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On April 19, 2022, we wrote to the PCAOB about our concerns regarding auditor findings and turnover, as well as the credentials of the new auditors for $EBIX, KG Somani & Co. (1/6)
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As a conviction short seller, I'm stuck in and often blinded by the weeds around the swamp... yet sometimes there's a clearing. In just a week, personal bankruptcies associated with a payday lender we're short ticked up over 150% from last month. (1/5)
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Just over a year ago, we made a public plea to German regulators to cast away any willful blindness after the unprecedented
@Wirecard
short selling ban. We wrote: (1/2)
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Created by, for, those who have no idea what it feels like to be out of work, to die without family by your side and worry how they cover funeral costs. It is a system that permits unlimited helicopter cash but scoffs at universal healthcare and quality public education. (5/7)
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This system of never-ending debt capitalism that has institutionalized income inequality is the same reason why POC are dying at higher rates, why PE behemoths are champing at the bit for SBA grants, why families line up at a public school near me for free meals. (4/7)
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Making an absolute mockery of the consumer while brandishing the weapons of toxic debt capitalism, the
#CFPB
revokes the req on payday lenders to assess ability to pay. Transparently, the CFPB states the rule would hurt payday lenders’ top line more than it harms Americans.
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Fidelity, Bravery, Integrity. Let’s not let 2-bit politicians abuse our institutions to curry favor w moneyed interests, trample justice. SDNY delivered and Petit $MDXG will still be sentenced, but these systems are fragile. We have a glimpse into that thanks to
@alderlaneeggs
.
Georgia GOP Senate staffer sent dossier on critic of GOP donor to FBI This should turn up the temperature a bit...
@DonutShorts
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We continue to be heartbroken by the growing inequity in the face of this crisis. Our most vulnerable children have historically been left behind, but now more than ever. We are concerned by companies taking advantage of this dynamic. (1/2)
The pandemic set students needing the most help further behind -- in communities already working to overcome legacies of racial inequities. “Are they setting my children up for failure?”
#coronavirus
#remotelearning
#tellewa
via
@WSJ
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These companies promote themselves as remote alternatives to a traditional learning experience. These are for-profit institutions looking to loot the coffers of already strained state and municipal budgets. (2/2)
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While
@Wirecard
may have taken comfort in its size and brute strength, its efforts have proven unsuccessful in deterring
@SafkhetCapital
. For some, the truth will set you free, but first it locks you up.
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As we stated in the article, we’re thrilled with news the US is involved. When we first waded into
#Wirecard
, critical was to find a path past willful blindness in Germany. (1/3)
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With Marsalek supposedly in PH w his “wife,” am I the only one reminded of Arthur Budovsky? Budovsky hid out in Costa Rica (no extradition) with a local wife. The US sentenced him to 20y for laundering billions thru Liberty Reserve, bank of the underworld.
#wirecard
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The current short sale ban of
@Wirecard
is worrisome and poses a threat to market integrity, potentially amplifying losses and detracting from the severity of credible allegations of criminal fraud. (3/8)
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For those unfamiliar, The Atlantic has a good primer: . The similarities are uncanny. I wonder how much of Wirecard’s growth can be attributed to the US government shutting down Liberty Reserve in May 2013.
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It is rare in the Golden Age of Fraud for regulators to act proactively. When we wrote to the PCAOB after $EBIX began its Indian IPO process, we weren’t sure what to expect. (1/4)
On April 19, 2022, we wrote to the PCAOB about our concerns regarding auditor findings and turnover, as well as the credentials of the new auditors for $EBIX, KG Somani & Co. (1/6)
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This news gives us hope the Wirecard saga will not be relegated to simple “accounting fraud” in the annals of history. Cheers to good ole American justice. (3/3)
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Our formal response is published here: (8/8)
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No, these men built their houses on the backs of the majority and can’t see how the foundation is crumbling while they're busy swilling Pappy Van from the rooftops of their country homes... that they will lever up to buy more distressed assets. (6/7)
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Some have made grandiose claims that for-profit education provider, $LRN, would be the online school-of-choice during the pandemic, that it’s the highest quality platform. The 4th largest school district in the US put $LRN to the test. (1/2)
After 13-hour meeting, Miami-Dade School Board votes at 2 a.m. to cut ties with K-12 online learning platform that paralyzed students and teachers at start of school, by the hardworking
@Colleen_Wright
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It didn’t just fail to deliver—it paralyzed, demoralizing students, teachers, and parents at the start of the school yr. Despite backing from education vultures, $LRN was voted out. We hope others also protect precious, dwindling budgets from predatory education providers. (2/2)
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Our research indicated a possible wide-ranging conspiracy involving Wirecard execs, among others, which we believed had the ultimate purpose of laundering vast sums, in violation of sanctions. (2/3)
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A more holistic approach must be taken to ensure we are not—yet again—throwing our nation's most vulnerable to the non-bank lending sharks. If institutions can still borrow for free, why should those bearing the brunt of current economic woes be paying 1200%? (3/5)
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It's important to put the weight of my words behind certain causes, especially in an era where facts can be dismissed as "fake news" and skeptics' lives are under threat. (2/8)
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Unsurprisingly, those complaining have profited off a system that has systematically destroyed savings culture and "fiscal responsibility.” (2/7)
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We are surprised by
@Wirecard
’s statements this morning. It is not every day that a company admits that key employees, still employed with the company, have likely engaged in criminal activity and have managed to translate this into a nearly 30% increase in share price. (1/8)
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Let's use this opportunity to sustainably address inequity. An easy, effortless step would be to eliminate predatory products via federal interest rate caps (in line with what some states have adopted) with forbearance granted during these uncertain times. (4/5)
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Bill Ackman: Mike, is there any fraud going on at the company?
Mike Pearson: No, there's no fraud, we're investigating.
Such is the folly of trusting a CEO that has time and time again shown a nebulous relationship with the truth to self-govern. $WDI
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In it, we find echoes of Valeant and its violations of the social contract, except in this case, we see a real potential for billions in losses for consumers, shareholders, and the country. (3/3)
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We are not surprised $ATGE was unable to directly address our analysis or questions, especially when it refused to provide clarification on new and ongoing investigations and regulatory discussions, even to its own bullish analysts during earnings. (1/2)
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Our relationships, all the love and pain, teach and give us so much more than the markets ever will. It's the stuff our humanity is made of and now more than ever we could all use the reminder. I can't wait to get reading and I'll be sure to have some
@Kleenex
at hand! (2/2)
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Why do I have a feeling that in months and years to come
@Wirecard
will be seeing two of these faces haunting them, day and night, floating like phantoms in the dark, dank rooms where their souls may be sequestered? (2/2)
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In a departure from
@Wirecard
's indignities, I'm thrilled to be at
@erinleecarr
's launch of "All That You Leave Behind" a beatifically bittersweet ode to her father David. I'm beyond lucky to have been touched by her brilliance and am terribly proud of her--also starstruck. (1/2)
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At least someone had a blast during this short-lived
#NYCblackout
#UWS
. Pizza, wine, music, dancing, and no computers or payment processors. Pup’s best day ever!
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An excellent start to a proper Sunday Roast. Yorkshire pudding and
#Wirecard
still in the oven.
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A unidirectional ban especially reduces the informational efficiency of the market, preventing price discovery. (7/8)
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Aggressive fiscal stim is ABSOLUTELY necessary. Not just mailing pittances that will be used to decelerate the debt spiral or avoid debtor's prison. COVID-19 will breed desperation, many will once again turn to these products to make rent, healthcare costs, or just survive. (2/5)
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Guten tag, Deutschland! It’s a pleasure to be here with the litigation community to give advice on institutional losses caused by surprise and fraud. Happy to meet and discuss the failings in the region, my schedule’s open BaFin,
@_MarkusBraun
,
@EY_Germany
. DM me.
#wirecard
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We will analyze what we see as mispriced risks that could become existential problems in the form of restrictions and delays in funding. (2/3)
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Let's revisit the story of Walt Pavlo. Walt was a young, ambitious financial planning analyst at MCI. (1/10)
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We have shorted $EBIX for 5 years and have researched it for even longer. We warn shareholders and those with vested interest in $EBIX so adequate measures can be taken to investigate, provide oversight, and strengthen transparency before potentially unrecoverable losses. (2/6)
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@MotherCabriniNY
@AlderLaneeggs
As difficult as it is, would be even more so without such fierce and wise supporters. Happy Father’s Day to you both.
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We feel the only reasonable conclusion that can be drawn from these facts is that it is incredibly difficult to rely upon $EBIX financial statements. Too many questions have loomed large for too long. (5/6)
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I warned that bans are entirely ineffective at preserving market integrity or saving shares from the inevitable. I suppose the the last resort is jailing the whistleblowers. BaFin’s corporate obsequiousness will tarnish German markets, at this rate perhaps irreparably. (4/4)
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I am seeing headlines on
@TheTerminal
that BaFin has reported market manipulation in $WDI to Munich and is investigating a suspected “short attack.” Is reporting on news investors should be aware of that the company purposely sweeps under the rug a “short attack”? (1/4)
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A slap on the wrist, settlements, rinse, repeat. Rampant abuse of consumers and the public continues unabated under a regulatory regime too afraid to turn off the lights, take away in handcuffs. What ever happened to wielding prosecutorial power as a deterrent? (2/2)
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As someone who rediscovered her love of
#Jeopardy
! during Covid, and with a super soft spot for fellow STEM kids, I love the efficiency of the “What’s?”, big bets/all in, careful focus on what gets you the most $$$, cheers to
@AmodioMatt
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While we first spoke about $ATGE this past January and again in March, the Department of Education notified $ATGE that they received over 14,500 borrower defense claims for Walden, Chamberlain, RUSM, and RUSVM.
(1/5)

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We believe that if BaFin is investigating market manipulation, whether perpetrated by the company or its critics, all trading should be suspended until a fair market can be restored. (5/8)
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I’m also blocked and astonished with absolutely juvenile tactics. All I do is research and bet against companies I believe to be fraudulent or exploitative, most allow me management access and at least feign respect. I have nothing to hide, how about you
@Wirecard
,
@_MarkusBraun
?
Since showing a link between
@DeutschePayment
and
@wirecard
$WDI.
@_MarkusBraun
still has to account for those executive emails cited as orchestrating fraud, €270m of GI India and Deutsche Payment.
@Visa
@Mastercard
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Prudence prevails and come Tuesday, a fair market in $WDI shares will be restored. Many lessons to be learned all around. We look forward to hearing BaFin’s updates regarding its ongoing investigation into potential market abuses perpetrated by
@Wirecard
.
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@AIMhonesty
@wirecard
@QCMFunds
@AlderLaneeggs
@viceroyresearch
@unemon1
For all intents and purposes, we have moved well beyond “scandal” or immaterial misstatements. Smoke doesn’t appear spontaneously. The level of coordination and concealment suggests criminal racketeering. An honest company would rid all doubt through greater transparency.
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@AIMhonesty
@rationalhill
As a friend, it is as pleasing to see
@AIMhonesty
’s formidable work on
@Wirecard
find vindication as it will be to see the company find comeuppance. Thank you again for all the hours put in at Zatarra, I’m fabulously proud of my “questionable” friends.
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We question if any extended ban in trading is ever effective. It can serve to delay the inevitable. (6/8)
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.
@SIRF_Report
's thorough reporting yesterday alludes to what motivates
@Wirecard
's secrecy and how its core profits in fact depend upon this secrecy. It is far more difficult to engage in an illicit trade in broad daylight. (1/3)
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Any auditor that is conscientious about its duties cannot without conducting a thorough investigation or involving independent third parties. Auditors are captured and often miss the fraud. In this case
@FT
has served it on a silver platter, no more willful blindness.
Will
@ey_germany
sign off on
@wirecard
accounts in light of the
@ft
Problem Partners piece and
@Rajah_Tann_LLP
issues.
#accountingscandal
$WDI
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Law firms, auditors, consultants are all paid for by the company and are essentially captured entities. It is typical for these agents to clear the company paying the bills in any investigation. They are accountable to the company. (1/2)
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We have not heard specific language from BaFin regarding any investigations into
@_MarkusBraun
and the clear and deceptive language that has thus far been used to conceal, mislead, and minimize the grave allegations levied against
@Wirecard
by credible sources. (3/4)
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We believe the PCAOB’s actions should be viewed as a gold standard for regulatory engagement with the investment community. We also hope that other investors may use this example to think differently about how they can facilitate remedies for fraud. (4/4)
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A simple, naïve question: why does one of the largest German co’s on the cutting-edge of digital payments need to be the go-to for fraudulent, unsavory, or legally questionable businesses?
@FTC
, wasn’t
@Wirecard
also named in the MOBE case, with over $300M in fraud?
@AIMhonesty
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$EBIX’s failure to provide adequate disclosure on the above further demonstrates, in our view, callous disregard for shareholder interests. (4/6)
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We are currently reviewing additional information received this week and expect to release an in-depth analysis into $ATGE Walden University over the coming days. (2/2)
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.
@Wirecard
's reactions to allegations as they have been reported--its dismissals, the continued refusal to provide clarity and simultaneous promotion of earnings guidance--support the theory of cultural rot. Let us not forget. $WDI (10/10)
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Excellent investigation by
@business
into the degree factory run by $ATGE and how poor educational standards do not lead to a “super safe environment out there in the real world.” $ATGE Walden’s acceptance rate is 100% and Chamberlain’s is 93%.
(1/7)
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And sadly emblematic of what’s wrong w how corporate malfeasance is litigated nowadays. Markets, regulators at the mercy of such companies (and their generally complicit shareholders). Profit preservation heralded as a collective responsibility. (1/2)
It's virtually a verbatim refrain of what Steven Miller and the Sackler Family have been spewing. This was a systematic manipulation of the system for profit - period.
To deny it is absurd and pathetic.
@business
should stop publishing this drivel.
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The brilliant article makes it clear that Aschheim was aware, complicit, if not orchestrating the entire scheme. This falls directly in the jurisdiction of the Munich public prosector’s office.
What the hell is going on
@Wirecard
Part 2. The regulators are now surely paying attention to this
@Wirecard
story, of course along with the great work conducted by the
@FT
. $WDI "
@SafkhetCapital
@unemon1
@AlderLaneeggs
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