Markus

Former Wirecard CEO Markus Braun was arrested for a 2nd time in relation to the company’s $2 billion accounting scandal

6 months ago
2020 07 09T000000Z_470162734_RC2LPH9XW46N_RTRMADP_3_WIRECARD ACCOUNTS COLLAPSE.JPG
2020 07 09T000000Z_470162734_RC2LPH9XW46N_RTRMADP_3_WIRECARD ACCOUNTS COLLAPSE.JPG

Reuters

  • Wirecard’s former chief executive Markus Braun has been rearrested in Munich as German prosecutors dug deeper into allegations of fraud at the fintech firm.

  • Two other executives — revealed by the Financial Times as Wirecard’s former finance boss, Burkhard Ley, and Stephan von Erffa, ex-head of accounting — were also arrested.

  • Former chief operating officer, Jan Marsalek, has likely escaped to Russia with the “clear help of Russian intelligence,” two officials told Business Insider. 

  • Wirecard filed for insolvency a month ago soon after revealing an amount of 1.9 billion euros ($2 billion) was missing from its balance sheet, and likely never existed.

  • Visit Business Insider’s homepage for more stories.

Former Wirecard CEO Markus Braun has been arrested for the second time as German prosecutors probed further into a fraud investigation surrounding the company’s reputedly inflated balance sheet.

Two other executives — named

… Read More

Wirecard’s former CEO Markus Braun arrested over finance scandal

Geraldine R. Pleasant 6 months ago
Markus Braun, former CEO of Wirecard, stands accused of market manipulation. (Peter Kneffel/picture alliance via Getty Images)
Markus Braun, former CEO of Wirecard, stands accused of market manipulation. (Peter Kneffel/picture alliance via Getty Images)

Markus Braun, who resigned as chief executive of Wirecard (WDI.DE) last week, has been detained in Bavaria in connection with the balance-sheet scandal at the troubled German payments company.

The prosecutor’s office in Munich said Braun turned himself in on Monday evening and would appear before a judge today, who will decide on whether or not to keep him in custody.

Braun, an Austrian, is being accused of inflating Wirecard’s total assets and sales volume “through feigned income from business” in order to make the company more attractive to investors and customers.

Wirecard was plunged into crisis last week after auditors EY refused to sign off on the company’s 2019 accounts, saying they could not verify the existence of €1.9bn (£1.7bn, $2.1bn) Wirecard claimed to hold in trust accounts overseas.

Braun

… Read More

Subscribe US Now