David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat. David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat.
Wirecard’s former CEO Markus Braun has been arrested after turning himself in on Monday evening.
Braun resigned last week after auditors failed to locate 1.9 billion euros ($2.1 billion) in revenue, money that the German fintech firm later admitted most likely “doesn’t exist.”
Wirecard stock crashed almost 90% since the missing billions were first announced, with more than $12 billion wiped from its market value in just three days.
[Read: Wirecard’s missing billions: Do they exist, or did Germany just get its own Enron?]
Braun has been detained on suspicion of inflating Wirecard’s balance sheet and revenues in a bid to solicit more money from both customers and investors, according to DW.com.
This is a developing story. More to come.
Get the TNW newsletter
Get the most important tech news in your inbox each week.