Wirecard has acknowledged that $2.1 billion its auditors were unable to locate probably never existed, deepening a crisis at the German digital payments company — and now the CEO is behind bars, Your Content is first to report.
Markus Braun, who leads Wirecard and acted as their CEO until abruptly ditching the position Friday, was arrested according to foreign breaking news reports.
Braun resigned on Friday after EY said the cash, which makes up roughly a quarter of the company’s assets, could not be located. Before he quit, Braun suggested the company may have been the victim of massive fraud.
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