Wirecard's now former CEO, Markus Braun, resigned with
immediate effect from his position on June 19 and was arrested by
German authorities on June 22, after the company's auditor, EY,
reported EUR 1.9 billion missing from the balance sheets, and
refused to sign off Wirecard's financial
results1.
Wirecard claimed that the missing amount does not exist and
announced that the company has filed an application for insolvency
on June 252. The company's shares were suspended
from trading before it announced insolvency proceedings.
Wirecard's shares fell almost 90% after it admitted to the
missing EUR 1.9 billion.
Right after the CEO's resignation, Jan Marsalek,
Wirecard's former COO and a member of the Management Board, was
dismissed (on June 22). James Freis, a former Director of Financial
Crimes Enforcement Network for the United States Department of the
Treasury and Managing Director, Group Chief Compliance Officer, and
Group Anti-Money Laundering Officer at
