Wirecard‘s former CEO Markus Braun has been arrested after turning himself in on Monday evening.
Braun resigned last week after auditors failed to locate 1.9 billion euros ($2.1 billion) in revenue, money that the German fintech firm later admitted most likely “doesn’t exist.”
Wirecard stock crashed almost 90% since the missing billions were first announced, with more than $12 billion wiped from its market value in just three days.
[Read: Wirecard’s missing billions: Do they exist, or did Germany just get its own Enron?]
Braun has been detained on suspicion of inflating Wirecard’s balance sheet and revenues in a bid to solicit more money from both customers and investors, according to DW.com.
This is a developing story. More to come.
Published June 23, 2020 — 08:47 UTC
David Canellis
June 23, 2020 — 08:47 UTC
