The Wirecard saga continues; after resigning just last week due to a missing $2 billion former Wirecard CEO Markus Braun was arrested in Munich late yesterday; Braun is accused of inflating Wirecard’s sales volume with fake income according to the Munich city prosecutors; at the center of the probe is Wirecard’s use of third party acquirers which processed payments on behalf of Wirecard; Braun is also under suspicion of knowingly making the company more attractive to investors and customers than it actually was; Germany’s financial regulator, BaFin, said it had made mistakes in monitoring the business and called the episode a disaster; the missing $2 billion is equivalent to all the net income Wirecard has reported over more than a decade. The Wall Street Journal.
