Comroad

Comroad AG (stylized ComROAD AG) was a German company founded by Bodo Schnabel that developed and produced telematics systems and navigation computers for vehicles. It became one of the top stocks on the Neuer Markt, Germany's former growth-stock segment. In early 2002 it became public that the company had been conducting large-scale fictitious transactions since 1998 and that roughly 95 percent of its revenues were fabricated. Alleged deliveries of software and hardware were made through a shell company named VT Electronics Ltd. in Hong Kong, while 17 revenue increases were announced up to 2002. The resulting share-price gains led to a massive overvaluation of over one billion euros, even though the economy was in recession. The auditing firm KPMG resigned its mandate. In April 2002, CEO Bodo Schnabel was taken into investigative custody. At the time of Schnabel's departure, Comroad had assets of about 26 million euros in liquid funds, 15 million euros in participations, and 5 million euros in inventories. Afterwards cash fell considerably, and most participations and partner contracts could not be maintained. As a result of the Comroad scandal, the share price plunged from almost 65 euros on 27 September 2000 to 6 cents. On 10 July 2006, Comroad AG was renamed Tracom Holding AG. From 2002 to 2008 the shares were traded only on the Hamburg Stock Exchange, because Comroad AG had been stripped of its admission to the regulated market of the Frankfurt Stock Exchange on 20 September 2002. In 2007 the price last stood at about 35 cents. In November 2002, Bodo Schnabel was sentenced by the Munich I Regional Court to seven years in prison for share-price fraud, insider trading, and commercial fraud. His then-wife Ingrid Schnabel received a two-year suspended sentence for aiding and abetting. In February 2005, a settlement agreement was reached between the Free State of Bavaria, Comroad AG, and Bodo Schnabel to resolve the issues comprehensively and finally. As early as September 2004, Bodo Schnabel was able to build a new professional future. In several rulings before the Munich Regional Court and the Munich Higher Regional Court, pending lawsuits against Comroad AG and Bodo Schnabel were dismissed. The exposure of the scandal was largely the work of then stock-market online editor Renate Daum, who almost single-handedly provided proof of the non-existence of business deals that the company management had repeatedly claimed existed. She received the Helmut Schmidt Journalist Prize 2002 for her research on Comroad AG. After renaming to Tracom Holding AG (2006), the company received the inclusion decision of the Frankfurt Stock Exchange on 17 July 2008. The Tracom share could then be traded in Frankfurt am Main as well as Hamburg. Since 2015 the company has been called Elsa Vermögens- und Beteiligungs AG. It is active in house construction and holds the patent for a foot orthosis. On 14 July 2025, the company Hallufix AG was acquired.

Comroad AG was founded by Bodo Schnabel as a developer and producer of telematics systems and navigation computers for vehicles. It rose to become one of the top stocks on the Neuer Markt, Germany's growth-stock segment. In early 2002, it became public that the company had been conducting large-scale fictitious transactions since 1998 and that roughly 95 percent of its revenues were fabricated. Alleged deliveries of software and hardware were made through a shell company named VT Electronics Ltd. in Hong Kong, while 17 revenue increases were announced up to 2002. The resulting share-price gains led to a massive overvaluation of over one billion euros, even though the economy was in recession. The auditing firm KPMG resigned its mandate. In April 2002, CEO Bodo Schnabel was taken into investigative custody. At the time of Schnabel's departure, Comroad had assets of about 26 million euros in liquid funds, 15 million euros in participations, and 5 million euros in inventories. Afterwards cash fell considerably, and most participations and partner contracts could not be maintained. As a result of the Comroad scandal, the share price plunged from almost 65 euros on 27 September 2000 to 6 cents. On 10 July 2006, Comroad AG was renamed Tracom Holding AG. From 2002 to 2008 the shares were traded only on the Hamburg Stock Exchange, because Comroad AG had been stripped of its admission to the regulated market of the Frankfurt Stock Exchange on 20 September 2002. In 2007 the price last stood at about 35 cents. In November 2002, Bodo Schnabel was sentenced by the Munich I Regional Court to seven years in prison for share-price fraud, insider trading, and commercial fraud. His then-wife Ingrid Schnabel received a two-year suspended sentence for aiding and abetting. In February 2005, a settlement agreement was reached between the Free State of Bavaria, Comroad AG, and Bodo Schnabel to resolve the issues comprehensively and finally. As early as September 2004, Bodo Schnabel was able to build a new professional future. In several rulings before the Munich Regional Court and the Munich Higher Regional Court, pending lawsuits against Comroad AG and Bodo Schnabel were dismissed. The exposure of the scandal was largely the work of then stock-market online editor Renate Daum, who almost single-handedly provided proof of the non-existence of business deals that the company management had repeatedly claimed existed. She received the Helmut Schmidt Journalist Prize 2002 for her research on Comroad AG. After renaming to Tracom Holding AG (2006), the company received the inclusion decision of the Frankfurt Stock Exchange on 17 July 2008. The Tracom share could then be traded in Frankfurt am Main as well as Hamburg. Since 2015 the company has been called Elsa Vermögens- und Beteiligungs AG. It is active in house construction and holds the patent for a foot orthosis. On 14 July 2025, the company Hallufix AG was acquired.

• Comroad AG founded by Bodo Schnabel.

• Since 1998, large-scale fictitious transactions conducted; roughly 95% of revenues fabricated.

• 27 September 2000: share price reaches almost 65 euros.

• Early 2002: fraud becomes public; KPMG resigns its mandate.

• April 2002: CEO Bodo Schnabel taken into investigative custody.

• 20 September 2002: Comroad AG loses admission to the regulated market of the Frankfurt Stock Exchange.

• November 2002: Bodo Schnabel sentenced to seven years in prison; Ingrid Schnabel receives two-year suspended sentence.

• February 2005: settlement agreement between the Free State of Bavaria, Comroad AG, and Bodo Schnabel.

• 10 July 2006: Comroad AG renamed Tracom Holding AG.

• 17 July 2008: Tracom Holding AG receives inclusion decision of the Frankfurt Stock Exchange.

• Since 2015: company renamed Elsa Vermögens- und Beteiligungs AG, active in house construction and holds patent for a foot orthosis.

• 14 July 2025: Hallufix AG acquired.

Former high-flying Neuer Markt technology stock; collapsed amid one of Germany's largest accounting frauds.

• Telematics systems

• Navigation computers for vehicles

• Comroad accounting fraud

Read more

1. 1Comroad – Wikipedia (German)de.wikipedia.org
2. 2Comroad – Wikidatawikidata.org
3. 3HugeDomains.comhugedomains.com