The Short Leaks


The Golden Tapes

On July 17th 2019,Insider traders Nick Gold and Jonathan Dennis invited an investor to their offices at 4-7, Manchester Street, London to discuss a unique business opportunity. They were offering this investor the opportunity to partake in a "safe bet", a short trade against a German publicly listed company Wirecard AG.

Wirecard AG has a market capitalisation of EUR 20bn (as at Jul 19) and employs nearly 6,000 staff, the company is among Europe's largest fintechs. This company has repeatedly been the targeted with allegations of impropriety in articles by the Financial Times. Each article was preceded by an uptake in short positions on the stock which was then followed by a sharp drop in the company's stock price.

What Nick Gold and Jonathan Dennis did not know at the time was that the investor they met with, recorded their conversation, before handing it over to the authorities in the UK and Germany. During this ill fated meeting, Gold and Dennis bragged that they had traded successfully on two previous occasions in anticipation of articles being released by the Financial Times. They went on to explain that they knew about another negative article coming out "tomorrow, probably Friday at the latest - but I [Gold] think tomorrow".

This website will release more information about the intimate collaboration between criminal short sellers, some journalists and a variety of anonymous websites.

Quoted from a conversation on Wednesday, July 17th 2019 - the day before a planned publication by the Financial Times.
Once upon a time in Manchester Street, London...
Investor So they've got another article coming out tomorrow or the day after?
Nick Gold Well, I think it could be tomorrow, listen you never know exactly... The reason it’s not insider trading is that you don't really know the full content of the article, and articles get pulled, it gets delayed, you never know, these things happen.
Jonathan Dennis That, what I just told you about legal advice, that is the categoric thing I need to advocate, is that you don't know for sure that at 3:15 on Thursday afternoon it is coming...

Quoted from a conversation on Wednesday, July 17th 2019 - the day before a planned publication by the Financial Times.
Can't believe it? Listen for yourself:
You can't get a better avenue here...
Jonathan Dennis And the other thing is given our source, there’s lots more to follow. And you can't get a better avenue here.
Investor Okay, that's the source from the Financial Times, I take it?
Jonathan Dennis He’s the head of the investigation department.

Quoted from a conversation on Wednesday, July 17th 2019 - the day before a planned publication by the Financial Times.
Can't believe it? Listen for yourself:

A déjà vu...?


Back in 2016, a (then) mysterious research outfit named "Zatarra" published a list of allegations against Wirecard AG. Zatarra accused Wirecard of money laundering, falsification of accounts and a variety of other alleged misdemeanours. Zatarra published its allegations using an anonymous website.

Dan McCrum, a journalist at the Financial Times in London, achieved the implausible deed of finding, reading and verifying Zatarra's claims within minutes of the report's publication. He then managed to write and publish his own article on the subject only minutes later.

A disgruntled player within the Zatarra research group subsequently leaked Skype, Signal, Twitter and SMS communication between the individuals involved. This leak revealed that British insider traders Matthew Earl and Fraser Perring were behind the Zatarra website and that their only aim was to make a profit by illegally manipulating the share price of a publicly listed company. What this leak also demonstrated was how a single journalist at the Financial Times was an instrumental accomplice in their criminal scheme.

In December 2018, public prosecutors in Munich, Germany issued a penalty order seeking to fine Fraser Perring for manipulation of Wirecard’s share price.
His accomplices managed to avoid justice, for the times being.

Leak it, Zatarra!

Download the entire Zatarra Leaks document here.


Despite Perring's high hopes, no other newspaper collaborated with Zatarra.
Zatarra was forced to default back to the Financial Times.

No evidence of collusion...?


After this incident Handelsblatt daily (a German newspaper) reported that evidence was given to German prosecutors which proved collusion between short sellers and employees of the Financial Times, the Financial Times subsequently hired law firm RPC in July 2019 to review its reporting about Wirecard.

For further details read this article by Handelsblatt:

During the investigation Dan McCrum refused to collaborate with RPC and to provide access to his Protonmail account or his Signal encrypted messenger app.

On 3rd October 19 the Financial Times stated that this independent investigation of its Wirecard related reporting had found no evidence of its reporters had colluding with speculators. To date this report has not been made public which begs the question; how can the Financial Times statement which was effectively "no case to answer" be taken at face value while the report remains private? This private and already questionable report finding is compounded when you consider the evidence previously published by Handelsblatt.

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