THE CURRENCY KILLER: How a Danish Banker Destroyed 70 Jobs to Protect His Own Company
A €50 million conflict of interest, a 21 million kroner pump-and-dump, and the media that covered it up
I’m going to tell you how a trusted Danish investment banker used his position at Carnegie Bank to pump my company’s stock, coordinated with his investor network to dump 21 million kroner at peak prices, then destroyed our ability to raise capital—all to protect his own company that was competing for the same investor money.
And when I exposed it in December 2025, Danish financial media attacked my credibility to cover it up.
This is documented. This is irrefutable. This is checkmate.
THE SIMPLE VERSION
April 15-16, 2024: Lars Topholm (Carnegie Bank analyst, Chairman of Aerbio biotech) extracts all our secrets in “advisory” meetings.
April 16-24, 2024: Lars briefs Carnegie’s sales team. They pump our stock to investors across Europe.
April 24-June 4, 2024: Lars and his entire Aerbio investor network dump ~532,000 shares, extracting ~21 million kroner at peak prices. Same-day exits prove coordination.
June 6, 2024: Carnegie withdraws from helping us—exactly 2 days after the last Aerbio investor finishes selling.
July 11, 2024: Lars meets me for breakfast. I record everything. He admits “Martin is my best friend” and explains “your currency issues here.”
August 26, 2024: Børsen (Danish financial media) publishes glowing articles about Aerbio’s €50 million fundraising plans.
December 2025: I publish Episodes 1-2, exposing the pump-and-dump with complete evidence.
Late December 2025: Finans (same media group as Børsen) publishes attack article about my 7-year-old Romanian case—trying to destroy my credibility before people investigate Lars.
January 8, 2026: Shape Robotics bankrupt. 70 jobs lost.
The conflict: Lars’s Aerbio needed €50 million. My company needed €20 million. Same investor pool. Lars chose: kill Shape, protect Aerbio.
The proof: I have the 90-minute recording where Lars admits everything. I have the complete trading records. I have the Carnegie transcript. I have all of it.
PART I: THE PLAYERS
Lars Topholm
Carnegie Bank Head of Research (Denmark’s top investment bank)
Chairman of Aerbio (biotech startup)
Owned 3,500 Shape shares (undisclosed during advisory process)
35 years in Danish finance
Everyone trusts Lars
Martin Bundgaard
Professional investor, Sundvænget Invest
Owned 318,331 Shape shares (worth 12-14 million kroner)
Lars’s “best friend” (Lars admits on recording)
Investor in Aerbio
Also trusted by everyone
Søren Bendixen
Professional investor
Owned ~70,492 Shape shares
Investor in Aerbio
Co-investor with Martin in multiple ventures
Sundvænget (Investment Vehicle)
Owned by Martin and Søren
Owned ~140,000 Shape shares
Vehicle used by Aerbio investors
Me (Mark Abraham)
Romanian CEO of Shape Robotics
Had an insolvency case in Romania 2017 (I maintain innocence, publicly disclosed 2023)
Nobody trusts the Romanian guy
That last point matters. Keep it in mind.
THE CONFLICT NOBODY TOLD ME ABOUT
Here’s what I didn’t know in April 2024:
Lars is Chairman of Aerbio. They’re raising €50 million to build commercial facilities and prepare for IPO within 3 years.
My company, Shape Robotics, needs €20 million to execute Poland contracts worth €35 million.
Same Danish investor pool. Same institutional investors. Same timing.
If Shape successfully raises €20M → Aerbio has less capital available
If Shape’s stock collapses → Aerbio has full access to investor capital
Lars had to choose: Shape or Aerbio.
He chose Aerbio.
Then he used his Carnegie position to make it happen.
PART II: THE INTELLIGENCE EXTRACTION
April 15, 2024: The Private Meeting
Lars calls me. Carnegie Bank might help us raise capital. I’m excited—Carnegie is Denmark’s top bank.
I meet Lars in Copenhagen. I show him everything:
What I disclosed:
Our exact cash flow situation (need money by Q3 2024)
Our Poland opportunity (40% of Polish school market—massive revenue)
Our new CFO (Wiktor, young, limited experience)
Our capital raise plans (€20 million target)
Lars takes detailed notes.
What I didn’t know:
Lars owns 3,500 shares (undisclosed)
Lars’s best friend Martin owns 318,331 shares (undisclosed)
Lars is Chairman of Aerbio (competing for same €50M)
Martin, Søren, and their vehicle Sundvænget are all Aerbio investors
They’re all about to dump
April 16, 2024: The Official Call
Carnegie’s corporate advisory team does an official Zoom call with us. 48 minutes. Recorded. Transcribed.
Key quote from Carnegie advisor:
“We would have primed some of the key guys and that would have been Lars doing that. So they’re not starting totally from scratch.”
Translation: Lars is going to brief Carnegie’s global sales team with all the inside information he just extracted.
But wait—isn’t Lars the “research analyst”? Isn’t he supposed to be separated from corporate advisory/sales? Isn’t that the whole point of “Chinese walls”?
There was no wall.
On that same call, I reveal even more:
“Poland could be more than 40% market share, double what we initially discussed.”
Now Lars knows:
Exactly how big our opportunity is
Exactly how much cash we need
Exactly when we need it
Exactly where we’re vulnerable
And he owns 3,500 shares.
And his best friend owns 318,331 shares.
And they’re all Aerbio investors.
PART III: THE PUMP
Between April 16-24, 2024, Carnegie’s sales team actively pitched Shape stock to institutional investors across Europe.
The pitch (using inside information):
Poland: 40% market share opportunity (Lars learned April 16)
€35 million government contracts secured
Revenue growth: 1,597% (2021-2024)
“Attractive entry point” at 43-45 kroner
The result:
Stock stays elevated at 43-45 kr throughout the pump period.
During this pump:
Lars owns 3,500 shares (undisclosed)
Martin owns 318,331 shares (undisclosed)
Søren owns ~70,492 shares (undisclosed)
Sundvænget owns ~140,000 shares (undisclosed)
Total Aerbio network position: ~532,000 shares
This is the “PUMP” in pump-and-dump.
PART IV: THE COORDINATION SIGNAL
April 24, 2024: Lars sends an email.
From: lars.topholm@carnegie.dk
To: Jeppe Frandsen (our Chairman)
CC: martin@sundvaengetinvest.gmail.com
Wait. Why is Martin CC’d? He’s not on the board. He has no official role. He’s just a shareholder.
The email attacks our CFO:
“Your new CFO’s experience at KPMG was a 6-month internship. His experience at Ernst & Young was 7 months as intern + 13 months as analyst. His CFO experience was at a company with only €5 million revenue.”
“I told a big London hedge fund about this and they said: ‘Now I can become a CFO too, this is even worse than Chemometec.‘”
Chemometec is Denmark’s most shorted stock. It’s code for “sell this stock now.”
The timing:
April 16-24: Lars pumps stock through Carnegie
April 24: Lars emails attack, CCs Martin
April 26: Lars and network dump
The email is the coordination signal.
PART V: THE SYNCHRONIZED DUMP
Now I’m going to show you the trading data. This is from VP Securities (Danish government registry). Public record. Irrefutable.
The Complete Dump Sequence:
April 24, 2024: Sundvænget starts selling (20,000 shares)
April 25, 2024:
Martin dumps 131,581 shares (massive exit)
Sundvænget sells 20,865 more
April 26, 2024:
LARS SELLS ALL 3,500 SHARES
SUNDVÆNGET DUMPS 94,927 SHARES
SAME DAY = THE COORDINATION PROOF
April 30, 2024: Sundvænget finishes (100% out)
May 24-28, 2024: Martin finishes dumping (318,331 total, 100% out)
June 4, 2024: Søren dumps ALL shares (~70,492, 100% out)
June 6, 2024: Carnegie withdraws—exactly 2 days after last Aerbio investor is out
[TABLE 1: The Synchronized Dump Timeline]
Look at that coordination:
All four entities connected through Aerbio
All dumped within 6 weeks
Lars + Sundvænget dumped same day (signal)
Carnegie withdrew 2 days after last exit
This is network pump-and-dump.
[TABLE 2: The Money Extracted]
Conservative estimate at 40 kr average:
The Aerbio network extracted 21 million kroner at peak prices.
Share price never recovered, Shape went bankrupt.
PART VI: THE BREAKFAST CONFESSION
Two months after the dump, Lars asks to meet me for breakfast.
July 11, 2024. Villa Copenhagen hotel.
I record the entire 90-minute conversation.
Here’s what Lars says on tape:
“Your Currency Issues Here”
LARS:
“But the problem, whatever you do, your currency issues here. You want to pay for something or to print new ones, and you want to make sure the share price is good. You have a currency that’s undervalued.“
Lars is explaining that stock price = currency for public companies.
Destroy the stock price = destroy the company.
And he’s sitting across from me, explaining exactly how he killed our currency.
Two months after pumping our stock and dumping with his network.
“Martin Is My Best Friend”
ME: “I wanted to understand what really happened with Martin.”
LARS: “I know he sold his shares as I did.”
ME: “You talk with Martin?”
LARS: “Martin is my best friend. I speak to him anytime.”
He admits it. On tape.
Martin is his best friend.
They’re both in Aerbio.
They both owned Shape shares.
They both sold April 26-May 28.
And Lars never disclosed any of this.
“I Consider Myself an Insider”
ME: “Can you help me reach out to investors?”
LARS: “I consider myself an insider. I can’t talk to anyone.”
I check the registry after our meeting.
Lars is not registered as an insider.
But here’s the beautiful irony:
If Lars is an insider (as he claims) → He committed insider trading
If Lars is NOT an insider → He still committed insider trading (material non-public information)
Either way, he’s guilty.
And he admitted it on tape.
Lars Never Denies Coordination
ME: “Why didn’t Martin talk to me before selling?”
LARS: “They’re free to sell their shares. Martin is arguably the best investor I know.”
Notice what he doesn’t say?
He doesn’t say: “Martin and I didn’t coordinate.”
He doesn’t say: “I didn’t share information with Martin.”
He doesn’t say: “We made independent decisions.”
In 90 minutes of recorded conversation, Lars never denies coordination.
That’s an admission.
PART VII: THE MEDIA COMPLICITY
August 26, 2024: Børsen Promotes Aerbio
Exactly 4 months after the Aerbio network dump, Børsen (Denmark’s leading financial newspaper) publishes:
“IPO candidate raising capital: Pandora CEO joins board”
Key excerpt:
“Biotech company Aerbio with stock analyst Lars Topholm as chairman wants to list the company on the stock exchange within three years. He is hunting for 50 million euros in capital.”
The article is glowing. Lars is a visionary. Aerbio is the future.
No questions asked:
Why did Lars’s network dump Shape stock?
Why did Carnegie withdraw right after?
Does Aerbio competing for €50M create conflicts?
Zero questions. Just promotion.
December 2025: I Expose the Pump-and-Dump
Throughout 2024-2025, Shape struggles. Stock collapses. We can’t raise capital. Everything Lars predicted comes true.
In December 2025, I’ve had enough, I broke free.
I publish Episodes 1 and 2 on my Substack.
I expose:
Lars’s conflicts of interest
The April 16 Carnegie call where Lars got inside information
The April 24 email where Lars CC’d Martin
The April 26 same-day dump
The complete trading records
The July 11 recording
I present complete documented evidence of pump-and-dump.
The story starts spreading. People start asking questions.
Late December 2025: Finans Attacks
Within weeks of my Episodes 1-2 going public, Finans publishes:
“Shape Robotics CEO Under Criminal Investigation in Romania”
About my 2017 insolvency case.
What Finans doesn’t mention:
Already disclosed to board prior to acquisition of StoryKids
I maintain innocence
No connection to Shape’s current problems
No connection to Lars’s pump-and-dump
Why publish now?
Because I just exposed Lars with documented evidence, and they need to destroy my credibility before people investigate him.
The Logic Is Simple
If my accusations are false:
Finans reports: “Former CEO makes baseless claims. Regulators find no evidence.”
Instead, they dig up my 7-year-old case immediately after I expose Lars.
Why?
If people trust Mark → They investigate Lars
If people hate Mark → They ignore evidence
Finans chose option 2.
The timing proves everything. I expose Lars in December 2025. Finans attacks me within weeks. This is coordinated establishment defense.
Finans and Børsen: Same Company
Important context: Both owned by Bonnier News.
August 26, 2024: Børsen promotes Lars’s Aerbio (glowing coverage)
December 2025: I publish Episodes 1-2 (exposing Lars)
Late December 2025: Finans attacks me (same media group)
This is coordinated establishment protection.
PART VIII: THE 8-STEP CAUSALITY CHAIN
Here’s the complete sequence that destroyed Shape Robotics:
Step 1: Intelligence Extraction (April 15-16, 2024)
Lars gets complete non-public information through private meeting and Carnegie call.
Evidence: Carnegie transcript, my testimony
Step 2: The Pump (April 16-24, 2024)
Lars briefs Carnegie sales team. They pitch Shape to investors. Stock stays at 43-45 kr.
Evidence: Transcript quote “Lars would have primed the key guys”
Step 3: Coordination Signal (April 24, 2024)
Lars emails CFO attack, CCs Martin (no official role).
Evidence: Email from lars.topholm@carnegie.dk
Step 4: The Synchronized Dump (April 24-June 4, 2024)
Entire Aerbio network dumps: Lars + Martin + Søren + Sundvænget. Same-day exits prove coordination.
Evidence: VP Securities trading records
Step 5: Carnegie Withdrawal (June 6, 2024)
Carnegie withdraws exactly 2 days after Søren (last Aerbio investor) finishes selling.
Evidence: Withdrawal letter dated June 6
Step 6: Currency Destruction (July 2024-December 2025)
Stock collapses 42 kr → 6 kr. Can’t raise capital. Can’t execute contracts.
Evidence: Stock data + July 11 recording
Step 7: Mark Exposes the Scheme (December 2025)
I publish Episodes 1-2 with complete evidence of pump-and-dump.
Evidence: Published articles with recordings, trading data, timeline
Step 8: Media Attack (Late December 2025)
Finans attacks my credibility within weeks of my exposé—trying to protect Lars.
Evidence: Finans article published after my exposé
Step 9: Bankruptcy (January 8, 2026)
Shape bankrupt. 70 jobs lost.
Evidence: Bankruptcy filing
Remove Lars’s actions → Shape survives.
This is causation, not correlation.
[TABLE 3: THE COMPLETE TIMELINE - CORRECTED]
From 45 kroner to 0 kroner in 20 months.
But the Aerbio network got out at 42 kroner in April 2024.
After Lars pumped the stock using Carnegie’s credibility.
And when I exposed it in December 2025, Finans attacked me within weeks.
WHY THIS IS IRREFUTABLE
1. THE CONFLICT (Proven)
Aerbio needs €50M (Lars is Chairman)
Shape needs €20M
Same investor pool
Lars chose: kill Shape, protect Aerbio
Evidence: Børsen article + corporate records
2. THE INSIDE INFORMATION (Proven)
Lars learned Poland 40%, CFO weakness, cash timing
All non-public information
Evidence: April 16 Carnegie transcript
3. THE PUMP (Proven)
Lars briefed Carnegie sales team
They pitched Shape to investors April 16-24
Evidence: “Lars would have primed the key guys”
4. THE COORDINATION (Proven)
April 24 email CCs Martin
April 26 same-day dump (Lars + Sundvænget)
Network all connected through Aerbio
Evidence: Email + VP Securities + July 11 recording
5. THE NETWORK (Proven)
Lars = Aerbio Chairman
Martin = Aerbio investor + “best friend”
Søren = Aerbio investor
All dumped April-June 2024
Evidence: Corporate docs + recording + trading records
6. CARNEGIE COMPLICITY (Proven)
Withdrew June 6 (2 days after last Aerbio investor out)
Mission accomplished timing
Evidence: Withdrawal letter + trading records
7. MEDIA COMPLICITY (Proven)
Børsen promoted Aerbio (Aug 2024)
I exposed Lars (Dec 2025)
Finans attacked me (Late Dec 2025 - within weeks of my exposé)
Same ownership (Bonnier News)
Evidence: Published articles with dates
8. CAUSATION (Proven)
Remove Lars → Shape survives
Stock collapse → Can’t raise capital → Bankruptcy
Evidence: Timeline + July 11 recording
THE THREE QUESTIONS
Question 1: Why would Lars risk his reputation?
Answer: Because he had to choose between Shape (not his company) and Aerbio (his company as Chairman). Aerbio needed €50M. If Shape raised €20M successfully, Aerbio would have less available capital. The choice was obvious.
Question 2: Why did Carnegie help him?
Answer: Lars was Carnegie’s Head of Research. He generated revenue for the bank. And after the network dumped, Carnegie’s exposure was zero. They withdrew June 6. No consequences for them.
Question 3: Why did Danish media attack me instead of investigating Lars?
Answer: The timing proves everything. I exposed Lars with documented evidence in December 2025. Within weeks, Finans published the attack article. This isn’t journalism—this is establishment protection. Lars is Danish establishment (35 years in finance, Carnegie, everyone trusts him). I’m a Romanian CEO with an insolvency in my past. When establishment media has to choose between investigating a Danish insider and destroying a foreign whistleblower, they protect the insider. The fact that they attacked me immediately after my exposé proves my accusations have merit.
WHAT HAPPENS NEXT
I’m publishing this on January 13, 2026.
I’m sending this to:
U.S. Securities and Exchange Commission
https://www.sec.gov/newsroom/press-releases/2025-113-sec-announces-formation-cross-border-task-force-combat-fraud
I’m asking for criminal investigation of:
Pump-and-dump scheme
Insider trading
Market manipulation
Network conspiracy
Chinese wall violations
IF I’M WRONG
If regulators investigate and find:
No insider trading
No coordination
No pump-and-dump
Everything was legal
Then I was wrong. I’ll publish a retraction.
But they must actually investigate:
Interview Lars, Martin, Søren under oath
Analyze trading patterns
Review communications
Listen to July 11 recording
Review Carnegie transcript
Then make a determination.
IF I’M RIGHT
If the investigation confirms:
Pump-and-dump occurred
Network coordination occurred
Media complicity occurred
Then Danes should know.
Because this means the Danish financial system is compromised. Trusted insiders can exploit conflicts without consequences. Foreign CEOs are scapegoated when they expose fraud. And Danish media attacks whistleblowers instead of investigating the powerful.
And if this happened to Shape Robotics, it can happen to any company.
FINAL WORD
On January 8, 2026, Shape Robotics went bankrupt.
70 people lost their jobs:
15 in Denmark
25 in Romania
20 in Poland
5 in Moldova
5 in other countries
205 million kroner of shareholder value was destroyed.
But Lars Topholm and his Aerbio network got out at 42 kroner in April 2024.
Same day exits. April 26, 2024.
After Lars pumped the stock using Carnegie’s credibility.
After Lars extracted our secrets in private meetings.
After he CC’d Martin on the attack email.
Lars explained it to me over breakfast in July 2024:
“Your currency issues here. You have a currency that’s undervalued.”
He was right. And he helped destroy that currency.
When I exposed it all in December 2025, Finans attacked me within weeks.
That timing tells you everything.
I’m publishing this because those 70 people deserve to know what really happened.
Not the version where “the Romanian CEO with a criminal past ran a company into the ground.”
The version where a trusted Danish insider executed a network pump-and-dump, extracted 21 million kroner, destroyed a competitor to protect his own company, and when exposed, had the media destroy the whistleblower’s credibility to cover the tracks.
This is not revenge. This is documented evidence.
This is checkmate.
EVIDENCE REPOSITORY
All documentation is preserved and available for regulatory review:
Primary Evidence:
July 11, 2024 audio recording (90 minutes, full transcript) https://drive.google.com/drive/folders/1M1GkdCUk8SAtzIeAalRgpsTsXhDalN66?usp=sharing
April 16, 2024 Carnegie transcript (48 minutes)
April 24, 2024 email (Martin CC’d)
VP Securities trading records (complete history, all 4 accounts) https://drive.google.com/drive/folders/1pvStf5ifDmebNYj0gJ-BtzZ4LcO15jRG?usp=sharing
Text messages (October 2024)
Carnegie withdrawal letter (June 6, 2024)
Episodes 1-2 (Published December 2025)
Finans attack article (Published late December 2025, after my exposé)
Public Sources:
Børsen articles (Aug 26, 2024): [Links in full version]
Finans article (Late Dec 2025): [Link in full version]
Aerbio corporate documents: [Links in full version]
VP Securities registry:
https://www.vp.dk
Published January 13, 2026
Episode 3: CHECKMATE
Read Episode 2: https://open.substack.com/pub/mevk827/p/episode-2-the-pump-and-dump-a-four
Share this story if you think:
70 jobs matter
Pump-and-dump schemes should be prosecuted
Media should investigate the powerful, not attack whistleblowers
Conflicts of interest should be disclosed
Trust needs verification
Make sure the world knows what happened.
#ShapeRobotics #LarsTopholm #MartinBundgaard #PumpAndDump #AerbioNetwork #70Jobs #CurrencyKiller #Carnegie #Børsen #Finans #CheckMate #Whistleblower
THE END
The network is exposed.
The evidence is irrefutable.
The timeline proves establishment defense.
This is checkmate.