In a stunning development for the fintech sector, former Wirecard CEO and Founder Markus Braun was arrested by German police after turning himself in on Monday evening. Braun resigned from his position last Friday, and is being detained on “suspicion inflating the firm’s balance sheets and sales through fake transactions designed to make the company appear stronger to potential investors”. This is on the heels of 4 failed annual statements and a plummeting share price for Wirecard. Braun’s bail has been set at 5 million EUR.
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