Dan McCrum
{{Short description|English journalist (born 1978/1979)}}
{{EngvarB|date=March 2023}}
{{Use dmy dates|date=March 2023}}
{{Infobox person
|name = Dan McCrum
|image = Dan McCrum at Financial Times 125th.jpg
|caption = McCrum in 2013
|alma_mater = Durham University
|occupation = Journalist, writer
|organization = Financial Times
|birth_date = {{birth based on age as of date|43|2022|5|21}}
}}
Dan McCrum (born 1978/1979){{cite news |last1=Maier |first1=Michael |title=Der höfliche junge Mann, der die Betrüger von Wirecard zur Strecke brachte |url=https://www.berliner-zeitung.de/politik-gesellschaft/dan-mccrum-der-mann-der-wirecard-zu-fall-brachte-li.228949 |access-date=4 March 2023 |work=Berliner Zeitung |date=21 May 2022 |language=de |archive-date=4 March 2023 |archive-url=https://web.archive.org/web/20230304052415/https://www.berliner-zeitung.de/politik-gesellschaft/dan-mccrum-der-mann-der-wirecard-zu-fall-brachte-li.228949 |url-status=live }} is an English journalist who is an investigative journalist for the Financial Times, having joined the newspaper in 2007. He is best known for his investigation into the Wirecard scandal between 2014 and 2020. McCrum's 2022 book on the scandal Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth was adapted by Netflix as the documentary called Skandal!.{{Cite book |last=McCrum |first=Dan |url=https://www.amazon.com/gp/product/B09QT3Y69V/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0 |title=Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth |date=2022-06-16 |publisher=Transworld Digital |language=English}}
Career
According to McCrum's personal website, he had worked as a paperboy at a newsagent's shop owned by his family, and lives with them in St Albans.{{cite web |title=Dan McCrum – MONEY MEN A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth |url=https://danmccrum.com/ |access-date=3 March 2023 |website=danmccrum.com |archive-date=10 December 2022 |archive-url=https://web.archive.org/web/20221210115102/https://danmccrum.com/ |url-status=live }}
McCrum read economics and politics at Durham University (University College), graduating in 2001.{{cite news |title=Class Notes |url=https://www.dunelm.org.uk/emailviewonwebpage.aspx?erid=19496553&trid=9735dc73-9d50-49b6-8f36-9f481461c708 |access-date=27 March 2023 |work=Newswire |publisher=Dunelm |date=August 2020}} He then worked at Citigroup as part of its equity research department. He began writing for the Investors Chronicle in 2006, and joined the Financial Times in 2007 as a reporter.{{cite web |title=Dan McCrum |url=https://www.ecec-community.com/speakers/dan-mccrum |publisher=European Compliance and Ethics Conference |access-date=3 March 2023 |archive-date=26 January 2023 |archive-url=https://web.archive.org/web/20230126195212/https://www.ecec-community.com/speakers/dan-mccrum |url-status=live }} Early in his Financial Times career, McCrum covered the 2008 financial crisis and the Madoff investment scandal from New York as the paper's US investment correspondent.{{cite magazine |last1=Taub |first1=Ben |author1-link=Ben Taub (journalist) |title=How the Biggest Fraud in German History Unravelled |url=https://www.newyorker.com/magazine/2023/03/06/how-the-biggest-fraud-in-german-history-unravelled |access-date=3 March 2023 |magazine=The New Yorker |date=27 February 2023 |archive-date=2 March 2023 |archive-url=https://web.archive.org/web/20230302222541/https://www.newyorker.com/magazine/2023/03/06/how-the-biggest-fraud-in-german-history-unravelled |url-status=live }} In 2011, he joined the FT Alphaville team, writing for the commentary until 2015.
=Wirecard scandal=
In summer 2014, McCrum received a tip from hedge fund manager John Hempton on potential fraud at Wirecard, a German financial services firm.{{cite news |title=Wirecard fraud saga exposes the enablers |url=https://www.afr.com/chanticleer/wirecard-fraud-saga-exposes-the-enablers-20220916-p5bil0 |access-date=3 March 2023 |work=Australian Financial Review |date=16 September 2022 |language=en |archive-date=27 February 2023 |archive-url=https://web.archive.org/web/20230227203815/https://www.afr.com/chanticleer/wirecard-fraud-saga-exposes-the-enablers-20220916-p5bil0 |url-status=live }} Following an investigation, McCrum noticed a number of acquisitions of obscure Asian firms by Wirecard. After a trip to Manama, Bahrain found an apparent local client of Wirecard to be bogus, McCrum brought his findings back to Alphaville. His initial findings were published in 2015. In response to the publication, Wirecard executive Jan Marsalek arranged several meetings with Alphaville founder Paul Murphy, attempting to persuade Murphy to prevent further investigation into Wirecard.
In 2018, McCrum received 70 GBs of leaked email correspondence from a former Wirecard lawyer. After analysing the acquired information for several months, his findings were published on 30 January 2019. The publication, and a follow-up article, resulted in Wirecard's valuation falling by €8 billion, with the German Federal Financial Supervisory Authority banning the short selling of Wirecard stock and German prosecutors opening investigations into the Financial Times. During this period, McCrum continued investigating Wirecard's claimed Asian clients along with Singapore correspondent Stephania Palma. Another story related to the newer investigation was published on 28 March, and on 15 October, the paper had published an article directly accusing Wirecard of committing fraud. Prosecutors based in Munich opened an investigation into McCrum and Palma, who were accused of market manipulation regarding the investigation.{{cite news |title=German prosecutor drops Wirecard investigation into FT reporters |url=https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448ee20 |access-date=3 March 2023 |work=Financial Times |date=3 September 2020 |archive-date=11 December 2022 |archive-url=https://web.archive.org/web/20221211201636/https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448ee20 |url-status=live }} In the following year, as auditors scrutinised the company, the scale of the fraud became public and Wirecard declared bankruptcy in 2020. According to later German investigators, it was the largest case of financial fraud in the country's history.{{cite news |last1=Tobitt |first1=Charlotte |title=Wirecard versus the FT was unequal fight but we could not back down, says reporter Dan McCrum |url=https://pressgazette.co.uk/news/dan-mccrum-financial-times-wirecard/ |access-date=3 March 2023 |work=Press Gazette |date=22 September 2022 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319134300/https://pressgazette.co.uk/news/dan-mccrum-financial-times-wirecard/ |url-status=live }} McCrum also testified before a German parliamentary committee regarding the scandal in 2020.{{cite news |title=FT Reporter on the Downfall of Wirecard Head |url=https://www.spiegel.de/international/business/ft-reporter-on-the-downfall-of-wirecard-head-i-asked-him-directly-whether-he-was-a-fraud-a-3e94a982-1b37-4954-86e6-aa7ecfb82ed1 |access-date=3 March 2023 |work=Der Spiegel |date=5 November 2020 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319134309/https://www.spiegel.de/international/business/ft-reporter-on-the-downfall-of-wirecard-head-i-asked-him-directly-whether-he-was-a-fraud-a-3e94a982-1b37-4954-86e6-aa7ecfb82ed1 |url-status=live }} The investigation into McCrum and Palma was dropped in September 2020.
McCrum was later named Journalist of the Year in 2020 by the Press Gazette for his role in the Wirecard investigation.{{cite news |title=British Journalism Awards winners 2020: FT's Dan McCrum crowned journalist of the year for Wirecard investigation |url=https://pressgazette.co.uk/news/british-journalism-awards-winners-2020-fts-dan-mccrum-journalist-of-the-year/ |access-date=3 March 2023 |work=Press Gazette |date=9 December 2020 |archive-date=24 January 2023 |archive-url=https://web.archive.org/web/20230124181103/https://pressgazette.co.uk/news/british-journalism-awards-winners-2020-fts-dan-mccrum-journalist-of-the-year/ |url-status=live }} He received the 2021 Gerald Loeb Award for Breaking News for his Wildcard articles.{{Cite press release |title=Winners of the 2021 Gerald Loeb Awards Announced by UCLA Anderson in Live Virtual Event |url=https://www.prnewswire.com/news-releases/winners-of-the-2021-gerald-loeb-awards-announced-by-ucla-anderson-in-live-virtual-event-301389479.html |date=September 30, 2021 |access-date=October 7, 2021 |publisher=UCLA Anderson School of Management |location=Los Angeles |last=Daillak |first=Jonathan}} He published his accounts of the investigation as a book in 2022, and the investigation was subject to a documentary at Netflix.
= Other works =
McCrum has also written investigative pieces on accounting issues at UK law firm Quindell,{{cite news |last=Totaro |first=Paola |date=6 April 2015 |title=Rocky history of Slater and Gordon's new UK partner, Quindell |language=en |work=Australian Financial Review |url=https://www.afr.com/companies/professional-services/rocky-history-of-slater-and-gordons-new-uk-partner-quindell-20150401-1mctas |access-date=4 March 2023 |archive-date=4 March 2023 |archive-url=https://web.archive.org/web/20230304003823/https://www.afr.com/companies/professional-services/rocky-history-of-slater-and-gordons-new-uk-partner-quindell-20150401-1mctas |url-status=live }} Greek firm Folli Follie and Indian conglomerate Adani Group.https://www.ft.com/content/8d46b435-9725-46d4-80be-2cb3e276c4c9
References
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{{GeraldLoebAward Breaking News}}
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Category:Financial Times people
Category:British investigative journalists
Category:People from St Albans