Wirecard's Markus Braun Arrested by German Police

06/23/2020 | 04:50 am
Markus Braun

By Paul J. Davies

 

Wirecard's recently departed Chief Executive Markus Braun was arrested by German police Tuesday, just days after the payments company revealed a $2 billion hole in its books.

Munich city prosecutors said he was arrested on suspicion of presenting false information. It was a swift turn of events for Mr. Braun, who was Wirecard's largest shareholder and served as the CEO for nearly two decades until he resigned last Friday.

Mr. Braun's arrest is the latest rapid fire blow for the company at the center of what appears to be Europe's largest fraud in years. The company began to unravel last week when its auditors said that it couldn't verify the money existed.

 

Write to Paul J. Davies at paul.davies@wsj.com

 

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