James Freis

Freis was born in Aberdeen, Maryland, to James Henry Freis and Maria Freis, and raised in Metuchen, New Jersey, where he attended St. Joseph High School.[https://www.newspapers.com/clip/13661526/the-courier-news/ "140 seniors win Byrd scholarships"], Courier News, June 19, 1988. Accessed December 24, 2020, via Newspapers.com. "Middlesex County: James Freis of Metuchen, St. Joseph's High School" His mother is a retired nurse and social worker. His father, who passed away in August 2020, was a first-generation{{clarify|date=May 2023}} student at St. Peter's College, graduating cum laude in 1966. He graduated in 1969 from Villanova Law School, before departing to Germany with the U.S. Army from 1970 to 1972. Freis Sr. spent his career practicing corporate law with a single law firm, which later became Drinker Biddle & Reath through mergers.[https://obits.nj.com/obituaries/starledger/obituary.aspx?n=james-henry-freis&pid=196632712&fhid=21865 James Henry Freis, Esq. Obituary]; published 2020; retrieved November 30, 2020[https://njbiz.com/drinker-biddle-nj-offices-merge-faegre-baker-daniels/ Drinker Biddle, with two NJ offices, to merge with Faegre Baker Daniels] at NJ Biz; by Gabrielle Saulsbery;published December 18, 2019; retrieved December 12, 2020

Freis attended Georgetown University, graduating magna cum laude in 1992 with an A.B. in economics with honors and government/international relations, a certificate in German area studies and Phi Beta Kappa. While at Georgetown, he competed on the varsity heavyweight rowing crew. He then earned his Juris Doctor cum laude from Harvard Law School in 1995. While at Harvard, Freis was a Senior Editor of the Harvard Environmental Law Review. He became a Chartered Financial Analyst charterholder in 2002.[https://annual.cfainstitute.org/2015/05/01/financial-innovation-and-market-structure-2/ Financial Innovation and Market Structure] {{Webarchive|url=https://web.archive.org/web/20170113215717/https://annual.cfainstitute.org/2015/05/01/financial-innovation-and-market-structure-2/ |date=January 13, 2017 }} at CFA Institute; by Ron Rimkus; published May 1, 2015; retrieved December 12, 2020

After graduating from Harvard, Freis served as a fellow of the Robert Bosch Foundation in Germany. From 1995 to 1996 he worked in the German Federal Banking Supervisory Office in Berlin and Bayerische Vereinsbank, a German universal bank in Munich.

Freis joined the Federal Reserve Bank of New York's legal department as an Attorney in 1996,[https://www.treasury.gov/press-center/press-releases/Pages/hp292.aspx Secretary Paulson Names James H. Freis, Jr. as the New Director of FinCEN] at U.S. Department of the Treasury; published March 5, 2007; retrieved December 12, 2020 where he advised on financial market regulations, payment and settlement system issues at wholesale and retail levels, and foreign government and central bank accounts. He worked on the successful defense before the Iran–United States Claims Tribunal of claims brought against the Bank by the Central Bank of Iran arising out of the hostage crisis.[https://jusmundi.com/en/document/decision/pdf/en-bank-markazi-iran-v-the-federal-reserve-bank-of-new-york-award-award-no-595-823-3-tuesday-16th-november-1999 BANK MARKAZI IRAN V. THE FEDERAL RESERVE BANK OF NEW YORK] at Jus Mundi; published November 16, 1999; retrieved December 12, 2012[https://www.newyorkfed.org/medialibrary/media/aboutthefed/annual/annual99/report.pdf Report From The President] at NewYorkFed.org; by William J. McDonough; published 1999; retrieved December 12, 2020

In 1999, Freis moved to Basel, Switzerland and became Senior Counsel in the Legal Service at the Bank for International Settlements, an international organization known as the "bank for central banks."{{cite web | url=https://imtconferences.com/james-freis/ | title=James Freis - CrossTech | date=May 24, 2023 }} There he supported the provision of financial services to central banks; advised on international law such as privileges and immunities; and supported the Basel-based experts’ committees of global financial standard setters, through 2005.{{cite web | url=https://theorg.com/org/wirecard/org-chart/james-freis | title=James H. Freis, Jr. - Member of the Supervisory Board at Wirecard }}

Freis joined the United States Department of the Treasury in September 2005 as the first-ever Deputy Assistant General Counsel for Enforcement & Intelligence. Freis provided legal support and helped staff the Treasury's Office of Terrorism and Financial Intelligence which was created in 2004, including supervising the legal counsel to the Financial Crimes Enforcement Network, the Office of Foreign Assets Control, and the Treasury Executive Office for Asset Forfeiture.

Freis served as lead negotiator on behalf of the United States Government on sensitive counter-terrorism programs and contributed to the Terrorist Finance Tracking Program, and was also responsible for developing international financial measures against rogue states, such as part of Treasury's efforts against Iran[https://www.govinfo.gov/content/pkg/FR-2011-11-25/pdf/2011-30332.pdf Testimony of Stuart Levey] at Federal Register; published November 18, 2011; retrieved December 12, 2020[https://www.nytimes.com/2008/11/02/magazine/02IRAN-t.html Stuart Levey's War] at New York Times; by Robin Wright; published October 31, 2008; retrieved December 12, 2020 and North Korea.[https://www.nytimes.com/2007/06/27/business/worldbusiness/27iht-bank.4.6365471.html?searchResultPosition=48 Success in Macau Bank Case Demonstrates Reach of U.S. Sanctions] at New York Times; by Steven Weisman; published June 26, 2007; retrieved December 12, 2020[https://www.nytimes.com/2007/07/03/business/worldbusiness/03bank.html?searchResultPosition=47 The Ripples of Punishing One Bank] at New York Times; by Steven Weisman; published July 3, 2020; retrieved December 12, 2020[https://www.nytimes.com/2007/03/27/world/asia/27korea.html?searchResultPosition=50 Bank Blocks Plan to Release Frozen Funds to North Korea] at New York Times; by Donald Greenless; published March 27, 2007; retrieved December 12, 2020

Freis was appointed Director (CEO) of the Financial Crimes Enforcement Network (FinCEN) on March 5, 2007, by United States Secretary of the Treasury Hank Paulson. At the time, FinCEN's mission was "to safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering, and other illicit activity."[https://www.fincen.gov/sites/default/files/shared/annual_report_fy2007.pdf Annual Report 2007] at FinCEN.gov; published 2007; retrieved December 12, 2020 FinCEN had faced criticism from the financial industry over difficulties of complying with anti-money laundering regulations,[https://www.americanbanker.com/news/in-focus-full-plate-to-greet-fincens-new-director In Focus: Full Plate to Greet Fincen's New Director] at American Banker; published April 9, 2007; retrieved December 12, 2020 which had been expanded in 2001 under USA PATRIOT Act, Title III. On June 22, 2006, Secretary Paulson visited FinCEN and together with Director Freis launched initiatives to improve FinCEN's Regulatory efficiency and effectiveness.[https://www.treasury.gov/press-center/press-releases/Pages/2007622933818452.aspx Secretary Paulson Visits FinCEN] at U.S. Department of the Treasury; published June 22, 2007; retrieved December 12, 2020

Freis also oversaw FinCEN's broad IT Modernization Program to collect, analyze, and share data collected under FinCEN's regulatory authority, estimated to cost $120  million. While earlier FinCEN IT projects had failed, under Freis the modernization project was managed on time and budget.

On the regulatory front, Freis expanded cooperation with State financial services regulators,[https://www.fincen.gov/news/news-releases/csbs-newly-elected-chairman-underscores-state-federal-coordination CSBS Newly Elected Chairman Underscores State-Federal Coordination] at Financial Crimes Enforcement Network; published May 24, 2012; retrieved December 12, 2020 and he expanded FinCEN's regulations to non-bank mortgage lenders,[https://www.wsj.com/articles/BL-CCB-5856 Fincen Requires Non-Bank Mortgage Lenders To Develop AML Programs] at The Wall Street Journal; by Samuel Rubenfeld; published February 7, 2012; retrieved December 12, 2020 Fannie Mae and Freddie Mac,[https://www.wsj.com/articles/BL-CCB-5338?mod=searchresults_pos9&page=1 Fincen Proposes AML, Reporting Rules For Fannie, Freddie] at The Wall Street Journal; by Samuel Rubenfeld; published November 3, 2011; retrieved December 12, 2020 and initiated the rules for investment advisors.[https://www.wsj.com/articles/BL-CCB-5406?mod=searchresults_pos6&page=1 Fincen Developing AML Rules For Advisers] at The Wall Street Journal; by Samuel Rubenfeld; published November 16, 2011; retrieved December 12, 2020 He amended the regulations for money services businesses and in July 2011, issued regulations for "prepaid access.[https://www.wsj.com/articles/BL-CCB-4804 FinCEN Issues Prepaid Access Regulations] at The Wall Street Journal; by Samuel Rubenfeld; published July 26, 2011; retrieved December 12, 2020[https://www.govinfo.gov/content/pkg/FR-2011-07-29/pdf/2011-19116.pdf Additional Records] at Federal Register; published July 22, 2011; retrieved December 12, 2020" The latter changes formed the basis for FinCEN regulation of virtual currency.[https://www.youtube.com/watch?v=We22dT9Yn6Q&ab_channel=NewAmerica On the Silk Road: the Dark Side of Cryptocurrencies] at New America; published February 12, 2014; retrieved December 14, 2020[https://dianerehm.org/audio/#/shows/2013-11-19/lawmakers-and-regulators-take-closer-look-bitcoin/107271/@00:00 Lawmakers And Regulators Take A Closer Look At Bitcoin] at Diane Rehm Show; published November 19, 2013; retrieved December 14, 2020[https://99bitcoins.com/vc3-former-fincen-director-james-freis-is-talking-at-the-bitcoin-regulation-conference-on-august-14th/ VC3: former FinCEN director James Freis is talking at the Bitcoin regulation conference on August 14th] at 99 Bitcoins; by Maria Santos; published January 2, 2018; December 14, 2020 In testifying before the Congress, Freis explained, "Recognizing that payment systems evolve rapidly,... The rule was developed to be technologically neutral and hopefully cover new developments for years to come."[https://financialservices.house.gov/uploadedfiles/112-142.pdf THE FUTURE OF MONEY: WHERE DO MOBILE PAYMENTS FIT IN THE CURRENT REGULATORY STRUCTURE?] at House Committee on Financial Services; published June 29, 2012; retrieved December 14, 2020

Freis initiated rulemaking requiring financial institutions to collect information on beneficial owners of accounts.[https://www.americanbanker.com/news/fincen-releases-plan-targeting-beneficial-ownership FinCen Releases Plan Targeting Beneficial Ownership] at American Banker; by Kate Davidson; published February 29, 2012; December 14, 2020 The final rule was issued in 2016,https://www.govinfo.gov/content/pkg/FR-2016-05-11/pdf/2016-10567.pdf {{Bare URL PDF|date=March 2022}} at which time President Obama in referencing the regulation “call[ed] on Congress to pass new legislation that requires all companies formed inside the United States to report information about their real owners to the Treasury Department's Financial Crimes Enforcement Network.[https://www.wsj.com/articles/BL-252B-10173 U.S. Gives Banks More Time To Identify Corporate Owners] at The Wall Street Journal; by Samuel Rubenfeld; published May 6, 2016; retrieved December 14, 2020[https://obamawhitehouse.archives.gov/the-press-office/2016/05/06/remarks-president-economy Remarks by the President on the Economy] at The Obama White House; published May 6, 2016; retrieved December 14, 2020" On December 11, 2020, Congress mandated the remaining component of the decade old policy proposal, by including in the National Defense Authorization Act of 2021 a chapter expanding FinCEN's powers, most prominently requiring companies to disclose information about their beneficial owners which would be available to law enforcement through a national database to be developed and maintained by FinCEN.[https://www.wsj.com/articles/congress-approves-anti-money-laundering-measure-11607733641 Congress Approves Anti-Money-Laundering Measure] at The Wall Street Journal; by Jack Hagel and Ian Talley; published December 11, 2020; retrieved December 20, 2020 Freis also initiated rulemaking to implement a Congressional mandate to collect data on cross-border electronic transfers of funds, which was supported by law enforcement but faced criticism from the financial industry for potentially collecting too much data, and which has not yet been implemented.[https://www.wsj.com/articles/BL-CCB-389?mod=searchresults_pos10&page=5 FinCEN Wants Banks To Report Every Cross-Border Transaction] at The Wall Street Journal; by Samuel Rubenfeld; published September 27, 2010; retrieved December 14, 2020[https://www.washingtonpost.com/wp-dyn/content/article/2010/09/26/AR2010092603941_pf.html Money transfers could face anti-terrorism scrutiny] at The Washington Post; by Ellen Nakashima; published September 27, 2010; retrieved December 14, 2020[https://www.nytimes.com/2010/09/28/business/28transfer.html?searchResultPosition=28 Proposal Would Expand Reporting of Money Transfers] at New York Times; by Sewell Chan; published September 29, 2010; retrieved December 14, 2020

On an international basis, Freis also oversaw FinCEN's role as the financial intelligence unit of the United States, and a member of the Egmont Group of Financial Intelligence Units. He promoted greater sharing of information among financial institutions, including on a cross-border basis.[https://www.fincen.gov/news/news-releases/fincen-statement-noting-release-egmont-groups-white-paper FinCEN Statement Noting the Release of the Egmont Group's White Paper:] at Financial Crimes Enforcement Network; published February 4, 2011; retrieved December 14, 2020 Under Freis, FinCEN worked closely with counterpart regulators and the financial intelligence unit in Mexico, and in law enforcement efforts along the Southwest Border.[https://www.ncjrs.gov/pdffiles1/ondcp/swb_counternarcotics_strategy11.pdf NATIONAL SOUTHWEST BORDER COUNTER NARCOTICS STRATEGY] at Office of National Drug Control Policy; published 2011; retrieved December 14, 2020[https://www.fincen.gov/sites/default/files/shared/annual_report_fy2011.pdf Annual Report 2011] at Financial Crimes Enforcemnet Network; published 2011; retrieved December 14, 2020

Freis left FinCEN after an apparent disagreement over how independent FinCEN should be as a Bureau of the Treasury Department.[https://www.americanbanker.com/news/freis-stay-at-fincen-creates-awkward-moment Freis's Stay at FinCEN Creates Awkward Moment] at American Banker; by Rob Blackwell; published June 29, 2012; retrieved December 14, 2020[https://www.americanbanker.com/video/behind-the-big-changes-at-fincen Behind the Big Changes at Fincen] at American Banker; published May 31, 2012; retrieved December 14, 2020[https://www.emptywheel.net/2012/05/31/did-treasury-fire-jim-freis-for-showing-that-banksters-are-a-bigger-problem-than-terrorists/ DID TREASURY FIRE JIM FREIS FOR SHOWING THAT BANKSTERS ARE A BIGGER PROBLEM THAN TERRORISTS?] at Emptywheel; published May 31, 2012; retrieved December 14, 2020[https://www.law.cornell.edu/uscode/text/31/310 31 U.S. Code § 310.Financial Crimes Enforcement Network] at Legal Information Institute; retrieved December 12, 2020[https://www.fincen.gov/resources/fincens-mandate-congress FinCEN's Mandate From Congress] at Financial Crimes Enforcement Network; retrieved December 12, 2020 In September 2012, he was awarded the Treasury Medal as the longest serving FinCEN Director.

In January 2013, Freis joined the international law firm Cleary Gottlieb Steen & Hamilton as counsel based in its Washington, D.C., office. He joined the firm's international banking and financial institutions practice and also advised on enforcement and regulatory matters.[https://www.clearygottlieb.com/news-and-insights/news-listing/former-us-treasury-fincen-director-james-h-freis-jr-joins-cleary-gottlieb-as-counsel9 Former U.S. Treasury FinCEN Director James H. Freis, Jr. Joins Cleary Gottlieb as Counsel] at Cleary Gottlieb; published November 12, 2012; retrieved December 14, 2020

He was appointed effective April 1, 2014, as the new Chief Compliance Officer for the Deutsche Börse Group, to oversee compliance as well as responsibilities towards supervisory authorities, among all Group entities.[https://www.wsj.com/articles/BL-252B-3864 People Moves: Deutsche Borse Group, PwC, DOJ] at The Wall Street Journal; by Rachel Louise Ensign; published March 26, 2014; retrieved December 14, 2020 Based in Frankfurt, Germany, the international financial market infrastructure provider includes the Frankfurt Stock Exchange; the Eurex Exchange offering futures and options derivatives; Eurex Clearing central counterparty (CCP); Clearstream, the International Central Securities Depository (ICSD); commodities and FX trading platforms; and various IT, financial index providers, and analytics businesses. Freis served concurrently as the Chief Compliance Officer for the Clearstream Group holding company with about EUR 15 trillion in assets under custody.[https://www.clearstream.com/clearstream-en/newsroom/200211-1749838 Clearstream's monthly figures] at Clearstream; published February 13, 2020; retrieved December 14, 2020[https://www.gfmag.com/topics/conference-coverage/issa-compliance-rules-make-custodians-nervous ISSA Compliance Rules Make Custodians Nervous] at Global Finance; by Tom Leander; published October 16, 2015; retrieved December 14, 2020

{{Main|Wirecard scandal}}

On May 8, 2020, Wirecard AG, the payments processor and financial services provider based in Germany announced that effective July 1, 2020, James Freis would be joining as executive board member[https://www.wirecard.com/en-us/company/press-releases/wirecard-ag-comprehensive-change-in-the-management-board-of-wirecard-ag Wirecard AG: Comprehensive change in the Management Board of Wirecard AG] {{Webarchive|url=https://web.archive.org/web/20200619211208/https://www.wirecard.com/en-us/company/press-releases/wirecard-ag-comprehensive-change-in-the-management-board-of-wirecard-ag |date=June 19, 2020 }} at Wirecard; by Iris Stöckl; published May 8, 2020; retrieved December 14, 2020 ("Vorstand"). Wirecard had faced criticism and allegations of accounting irregularities over the prior two decades as it grew globally, but that notwithstanding, by 2018 it had become a member of the DAX stock index[https://www.dw.com/en/wirecard-kicks-commerzbank-out-of-dax/a-45356653 Wirecard kicks Commerzbank out of DAX] at DW.com; published September 5, 2018; retrieved December 14, 2020 of German blue chip companies. Wirecard was viewed as needing a "new start."

Freis's appointment was described as part of a "comprehensive change" in the management board, and he would be responsible for a newly created department "Integrity, Legal and Compliance." Together with the announcement of Freis's appointment, then CEO Markus Braun apologized for past turbulence at Wirecard, and both he and chairman of the supervisory board, Thomas Eichelmann, described Wirecard's business model as "sustainable and highly profitable."[https://finance.yahoo.com/news/wirecard-revamps-management-board-amid-171528821.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAB1i1MDrwgmqkxy0drzwd8lbUmtso2ffHrF0sQs3kVtUz42G43ycTXDSViN24RQcf8NRTxZ_o1kqQqsPk-_k2kYNbfwLSU2KondarfEvn0FWbV4EQXzzNQ6ngqDaaCNrOadEv-615XwF-rFzkKGNEAHFfaprzuBUgu-s7RapIXCX Wirecard revamps management board amid probes] at Yahoo! Finance; published May 8, 2020; retrieved December 14, 2020

On June 18, 2020, Wirecard announced Freis had joined the management board with immediate effect, earlier than his planned start date of July 1.[https://ir.wirecard.com/websites/wirecard/English/5110/news-detail.html?newsID=1984743&fromID=5000 Wirecard AG: Personnel changes: Management Board member Jan Marsalek suspended on a revocable basis – James Freis, Jr. appointed with immediate effect as member of the management board responsible for compliance] at Wirecard; by Iris Stoeckl; published June 18, 2020 Later that evening, Freis was introduced by Markus Braun in a video[https://www.youtube.com/watch?v=ceXYHhk9GQs&ab_channel=BenWeisenstein Wirecard AG Stellungnahme des Vorstandes 19.06.2020] at YouTube; published June 18, 2020; retrieved December 14, 2020 in which Braun announced that Wirecard might have been the victim of fraud in connection with its funds held in overseas bank trustee accounts.[https://www.4investors.de/nachrichten/boerse.php?sektion=stock&ID=143637 Wirecard: Braun gibt ein Statement ab] at 4 investors; by Johannes Stoffels; published June 16, 2020; retrieved December 14, 20202[https://www.yahoo.com/news/wirecard-cant-rule-out-considerable-fraud-as-billions-go-missing-074407194.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKSS1YYnGilP64ZHunYwVO_k5mvgyKVMy7bHNZfDm-0iojIyW3x_M1E-6ED2-NN1NUSPDZFW1slV1enrWLWmuibYmvLjhm8sNT47ZwiTDApydM8snyP4yJRv2QLOdE6Xh2zr3zdsWRJBkbb2T4i7iNp2T7_DuWsp8t4v3LOwidnz Wirecard can't rule out 'considerable fraud' as billions go missing] at Yahoo! Finance; by Jill Petzinger; published June 19, 2020; retrieved December 14, 2020 Working through the night to investigate, Freis quickly concluded that there was obvious fraud in the purported Wirecard accounts and in the morning informed the supervisory board.[https://www.reuters.com/article/us-wirecard-accounts-collapse-idUSKBN24A1CD The man who led Wirecard into insolvency] at Reuters; by Arno Schuetze; published July 9, 2020; retrieved December 14, 2020

On June 19, 2020, Wirecard announced the resignation of Markus Braun as CEO and the appointment of James Freis, one day after being appointed to the management board, as interim CEO[https://www.nytimes.com/2020/06/19/business/wirecard-scandal.html?searchResultPosition=3 Wirecard, a Payments Firm, Is Rocked by a Report of a Missing $2 Billion] at New York Times; by Kevin Granville; published June 19, 2020; retrieved December 14, 2020 with sole power of representation.[https://ir.wirecard.com/websites/wirecard/English/5110/news-detail.html?newsID=1985029&fromID=5000 Wirecard AG: Markus Braun resigns with immediate effect as member of the management board; James Freis appointed as interim CEO] {{Webarchive|url=https://web.archive.org/web/20210120093737/https://ir.wirecard.com/websites/wirecard/English/5110/news-detail.html?newsID=1985029&fromID=5000 |date=January 20, 2021 }} at Wirecard; published June 19, 2020; retrieved December 14, 2020 After working through the weekend in reviewing the company's business activities and finances, Freis wrote an announcement published by Wirecard in the early morning of Monday, June 22, 2020, that the bank trustee account balances in the amount of 1.9 billion euro likely did not exist, and that previous Wirecard descriptions of its so-called third party acquiring business were not correct. Freis was in constructive discussions with Wirecard's lending banks and was considering restructuring options,[https://www.bloomberg.com/news/articles/2020-06-22/new-wirecard-ceo-has-few-days-to-calm-nervous-investors New Wirecard CEO Has Few Days to Calm Nervous Investors] at Bloomberg; by Sarah Syed; published June 22, 2020; retrieved December 14, 2020 yet from Thursday to Monday, Wirecard's stock price had lost 90% of its value.{{cite web | url=https://m.boersen-zeitung.de/news/2020-06-22/18735/wirecard-kaempft-ums-ueberleben | title=[Fehlerhafter Aufruf] - News vom 22.06.2020 - Börsen-Zeitung Mobil }}{{Dead link|date=September 2024 |bot=InternetArchiveBot |fix-attempted=yes }}

On June 25, 2020, less than a full week after having joined Wirecard, Freis decided to initiate insolvency proceedings.[https://ir.wirecard.com/websites/wirecard/English/5110/news-detail.html?newsID=1988247&fromID=5000 Wirecard AG: Application for opening of insolvency proceedings] {{Webarchive|url=https://web.archive.org/web/20200628143950/https://ir.wirecard.com/websites/wirecard/English/5110/news-detail.html?newsID=1988247&fromID=5000 |date=June 28, 2020 }} at Wirecard; published June 25, 2020; retrieved December 14, 2020 Bank creditors of Wirecard had been willing to roll over credit lines[https://www.bloomberg.com/news/articles/2020-06-24/wirecard-wins-short-reprieve-as-banks-assess-long-term-damage Wirecard Wins Short Reprieve as Banks Scan Long-Term Damage] at Bloomberg; by Steven Arons; published June 24, 2020; retrieved December 14, 2020 for a period of months, and some initially criticized Freis for the decision to place Wirecard into insolvency, because they became forced to book losses immediately.{{cite news | url=https://www.faz.net/aktuell/wirtschaft/digitec/skandal-um-zahlungsabwickler-banken-von-wirecard-insolvenz-kalt-erwischt-16832090.html | title=Wirecards Gläubigerbanken: "Von uns hat keiner den Stecker gezogen" | newspaper=Faz.net | last1=Mußler | first1=Hanno | last2=Peitsmeier | first2=Henning }} A year later, the insolvency administrator had generated only about €600 million selling most of Wirecard's assets, against more than €3 billion in banks and bondholder claims, and over €14 billion of total claims filed in the insolvency proceedings.[https://www.ft.com/content/1fd36499-36fc-4c97-b77d-fc31fb0e4650 Top German asset manager takes Wirecard administrator to court over losses] at Financial Times; by Olaf Storbeck; published August 15, 2021; retrieved May 8, 2022

Freis continued to oversee day-to-day operations of Wirecard, and announced to staff on September 11, 2020, that he was stepping down from management at Wirecard. The Wirecard scandal is likened to a "German Enron" in light of the company's inflated financial accounts and failure of its auditors to detect them[https://www.ft.com/content/81779b15-7b1d-404f-b523-d61510397dd4 Wirecard: the scandal spreads to German politics] at Financial Times; published September 29, 2020; retrieved December 14, 2020 and as the greatest financial fraud in modern German history.{{Cite web |url=https://www.bundestag.de/ausschuesse/untersuchungsausschuesse/3untersuchungsausschuss#url=L3ByZXNzZS9oaWIvODEwMTU4LTgxMDE1OA==&mod=mod796600 |title=Deutscher Bundestag - 3. Untersuchungsausschuss |access-date=December 14, 2020 |archive-date=December 12, 2020 |archive-url=https://web.archive.org/web/20201212010207/https://www.bundestag.de/ausschuesse/untersuchungsausschuesse/3untersuchungsausschuss#url=L3ByZXNzZS9oaWIvODEwMTU4LTgxMDE1OA==&mod=mod796600 |url-status=dead }}

In September 2020, the German Parliament launched an investigation of Wirecard generating voluminous records through the June 2021 final reports. Opposition lawmakers characterized the Wirecard scandal as a “collective failure of supervision”, criticizing numerous government authorities, the board of directors, and auditors.[https://www.wsj.com/articles/german-parliament-to-investigate-wirecard-scandal-11598977807?mod=searchresults_pos10&page=2 German Parliament to Investigate Wirecard Scandal] at The Wall Street Journal; by Ruth Bender; published September 1, 2020; retrieved December 14, 2020

More recently, Freis has founded a consulting firm advising on financial regulation and good governance.[https://www.manager-magazin.de/unternehmen/tech/james-freis-was-macht-eigentlich-der-letzte-wirecard-chef-a-3de17a17-0002-0001-0000-000179661412 Was macht eigentlich der letzte Wirecard-Chef?] at Manager Magazin; by Katharina Slodczyk; published October 21, 2021; retrieved May 8, 2022

He is active with fintech and startup companies, including these affiliations:

• Advisory Board of [https://starlingtrust.com/ Starling], a RegTech applied behavioral sciences technology company.https://starlingtrust.com/former-director-of-fincen-james-h-freis-jr-joins-starlings-risk-governance-advisory-board/ {{Dead link|date=February 2022}}
• Co-founder and Chairman of [https://crindata.com/about CRINDATA], offering financial institutions solutions for operational risk management to oversee outsourcing and third party service providers.
• Advisor to [https://www.moonpay.com/ Moonpay], which serves as an on-ramp for customers to buy crypto, and is active in NFTs.[https://www.moonpay.com/blog/james-freis-joins-moonpay MoonPay welcomes former US Treasury Director James Freis as special advisor] at MoonPay; by Geoffery Lyons; published March 25, 2022; retrieved May 8, 2022
• Regulatory Technology Officer to [https://fqx.ch/ FQX AG], a Blockchain startup in Switzerland, leading a project to compose programmable corporate debt offerings stored as NFTs on blockchain.[https://www.newsfilecorp.com/release/122828 Blockchain Startup FQX announces the appointment of James Freis, Former Director of FinCEN, as Regulatory Technology Officer to Compose Programmable Debt Offerings] at NewsFile; published May 5, 2022; retrieved May 9, 2022[https://www.bloomberg.com/press-releases/2022-05-05/blockchain-startup-fqx-announces-the-appointment-of-james-freis-former-director-of-fincen-as-regulatory-technology-officer-to Blockchain Startup FQX announces the appointment of James Freis, Former Director of FinCEN, as Regulatory Technology Officer to] at Bloomberg; published May 5, 2022; retrieved May 9, 2022

As an attorney, Freis is a member of the bar associations of New York, New Jersey and the District of Columbia. Current affiliations include:

• The Committee on International Monetary Law of the International Law Association (MOCOMILA)[https://www.mocomila.org/about/members_list/james_freis.htm Biographical note: James H. Freis] at MOCOMILA; published 2013; retrieved December 14, 2020
• Council on Foreign Relations[https://www.cfr.org/membership/roster Membership Roster] at CFR.org; retrieved May 8, 2022

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Category:Living people

Category:1970 births

Category:American chief executives

Category:Georgetown University College of Arts & Sciences alumni

Category:Harvard Law School alumni

Category:People from Metuchen, New Jersey

Category:St. Joseph High School (Metuchen, New Jersey) alumni

Category:CFA charterholders

Category:American lawyers