Markus Braun, who stepped down on Friday, was arrested by German prosecutors on suspicions of false accounting and manipulative business practices, according to multiple media outlets.
Braun, who resigned last Friday, is facing allegations of portraying the company to be financially stronger than it was by inflating Wirecard's balance sheet.
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Fraud Allegations Rock Tech Company Wirecard—Billionaire CEO Earned MillionsIt's likely that this downfall will continue. Thousands of workers will lose their jobs. The credibility of the global financial markets will be harmed—at a time when most people have already lost faith in our institutions. This is a sad saga that looks like it will end badly for everyone involved. Took the Kylie Jenner route I see SS chambers, VOLKSWAGEN Dieselgate, Wirecard fraud, and many more. The myth of German honesty at work here! Fraud? Ooo, that means their stock price will skyrocket! Throw in news of bankruptcy!! Price will shoot even higher!
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