Ex-Wirecard CEO Markus Braun arrested amid ‘$2.1 billion scandal’

Munich prosecutors accused Braun of using bogus income from transactions with “third-party acquirers” to inflate Wirecard’s assets and sales volume and make it more attractive to investors. Braun turned himself in Monday evening and will appear Tuesday before a judge who will decide whether to keep him detained, according to a translated statement from the prosecutor’s office.Braun’s arrest came after Wirecard revealed 1.9 billion euros that was missing from its accounts likely never existed to begin with. The company’s auditor refused to sign off on its accounts for 2019 because it couldn’t confirm the money’s existence.Prosecutors said Braun, who resigned on Friday, may have committed his alleged offenses “in cooperation with other perpetrators,” adding that their investigation is only a few days old. Prosecutors may also issue an arrest warrant for ex-chief operating officer Jan Marsalek, whom Wirecard fired on Monday, sources familiar with the matter told Reuters.

Source: Ex-Wirecard CEO Markus Braun arrested amid $2.1 billion scandal