Markus Braun Wiki – Markus Braun Biography
According to various media outlets, Wirecard’s ex-general manager Markus Braun has been arrested by German prosecutors for suspicions of wrong accounting and manipulative business practices.
Braun handed him over to Munich officials Monday evening after the arrest warrant was issued. Later on Tuesday, he will appear before the judge. The former CEO is accused of inflating Wirecard’s balance sheet and manipulating the group’s share price, making the company financially stronger.
Markus Braun Resigned & Statement
He was suddenly resigned from the company after the German payment firm’s balance sheet was acknowledged that there was a deficit of € 1.9 billion ($ 2.15 billion), which caused the share price to drop by 80% for two days last week.
In a short statement, Wirecard said that Braun resigned with a board agreement and the company’s chief compliance officer, James Freis, would take on the role of interim CEO.
Wild Card Statement
Last week, the company auditor EY admitted that after revealing the truth, he was missing about $ 2 billion from his balance sheet. The Fintech group later claimed that they probably did not have it in their accounts.
On June 18, Wirecard tried to raise suspicion when he told the company that approximately 2 billion euros ($ 2.3 billion) of credit could be terminated if his financial results were not released the next day. However, a report published by a financial forensics research team at the Financial Research and Analysis Center found that the company did not have $ 2 billion in cash access facilities as the remaining balance was linked to regulated entities.
Assets – Wirecard Bank, Germany, and Wirecard Card Solutions, UK. Typically, legal restrictions facilitate access to this money for general monetary purposes. The company is at the heart of a long-standing investigation of accounting practices by the Financial Times.
Markus Braun Arrest & Charge
Munich prosecutors said on Tuesday morning that Markus Braun was arrested on suspicion of wrong accounting and market manipulation.
The arrest followed Monday after Wirecard announced on his balance sheet that € 1.9 billion of cash was probably “not available” and had previously misidentified the biggest source of profit.
The company added yesterday that it is trying to figure out “to what extent and to what extent this kind of work is actually done for the benefit of the company.” He withdrew his most recent financial results and said that other years’ accounts could be wrong.
Braun returned to the Munich public prosecutor’s office on Saturday evening and was to be presented to investigating judges on Tuesday, which, according to the public prosecutor’s office, will decide to continue his detention. According to the investigations conducted so far, the Munich prosecutor’s office probably accused Braun of “inflating Wirecard AG’s balance sheet total and sales volume with other perpetrators,” earning revenue from alleged transactions with third-party takers (TPA).
Prosecutors suspect that Mr. Braun has done this with others. A spokesman for the Munich prosecutor’s office told Financial Times that the company’s former board of directors is under investigation. An Austrian citizen, Braun, reported to Munich prosecutors Monday evening, and after a judge issued a 50-year-old arrest warrant, he traveled from his own city to Vienna to the German city.
Originally from the U.K., Darryl Hinton is a journalist and web content specialist who now lives and writes in Trending Topics of United States, United Kingdom and Australia. Hinton’s work has appeared in a wide range of publications in print and online, including The Guardian, The Daily Beast, Pacific Standard magazine, The Independent, McSweeney’s Internet Tendency, and many other outlets.