Munich prosecutors search Wirecard HQ, as probe widens

© Reuters. FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near Munich FRANKFURT (Reuters) – Munich prosecutors and police searched Wirecard’s headquarters and four further properties as part of a fraud probe following the arrest of the payments firm’s former chief executive, Markus Braun, prosecutors said on Wednesday. Twelve prosecutors and 33 […]

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New rules may be needed for payments in wake of Wirecard, BIS boss says

© Reuters. FILE PHOTO: A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany LONDON (Reuters) – More joined up rules may be needed across the payments sector after the collapse of Germany’s Wirecard AG (OTC:), Bank for International Settlements president Augustin Carstens said. Wirecard’s demise has thrown a […]

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Exclusive: Germany missed chances to put Wirecard on watchlist, source says

© Reuters. FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near Munich By John O’Donnell and Hans Seidenstuecker FRANKFURT (Reuters) – German regulators twice looked into tightening the supervision of collapsed payments firm Wirecard and discussed it with the German and European central banks but no action was taken, a person with […]

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Wirecard collapse leads to call for German parliamentary inquiry

© Reuters. FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near Munich By Andreas Rinke and Neil Jerome Morales BERLIN/MANILA (Reuters) – Germany’s opposition called on Monday for a parliamentary inquiry into the collapse of payments firm Wirecard after a global fraud that left a gaping hole in its books went undiscovered […]

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Germany to sever ties with accounting watchdog after Wirecard scandal

© Reuters. FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near Munich BERLIN (Reuters) – The German government plans to terminate its contract with the country’s accounting watchdog after payments company Wirecard filed for insolvency last week in one of Germany’s biggest fraud scandals, a government official said on Sunday. Bild am […]

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Wirecard files for insolvency owing $4 billion

Wirecard collapsed on Thursday owing creditors almost $4 billion after disclosing a gaping hole in its books that its auditor EY said was the result of a sophisticated global fraud. The payments company filed for insolvency at a Munich court saying that, with 1.3 billion euros ($1.5 billion) of loans due within a week, its […]

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Ex-Wirecard CEO Markus Braun released on $5.6 million bail

Former Wirecard CEO Markus Braun was released on bail following his arrest in connection with the payments company’s $2.1 billion accounting scandal, reports say. Braun, 50,  posted his bail of 5 million euros ($5.6 million) on Tuesday, a day after he turned himself in to German prosecutors who accused him of falsifying income to make […]

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Ex-Wirecard CEO Markus Braun arrested amid $2.1 billion accounting scandal

German authorities arrested former Wirecard CEO Markus Braun days after he left the payments company amid a $2.1 billion accounting scandal. Munich prosecutors accused Braun of using bogus income from transactions with “third-party acquirers” to inflate Wirecard’s assets and sales volume and make it more attractive to investors. Braun turned himself in Monday evening and […]

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Wirecard, a Payments Firm, Is Rocked by a Report of a Missing $2 Billion

Wirecard, a Germany company that soared in value in recent years as it provided a widening array of payment services around the world, was suddenly collapsing on Friday amid questions surrounding missing cash balances amounting to 1.9 billion euros, about $2.1 billion. The scandal caused an 80 percent plunge in the company’s stock price over […]

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Wirecard CEO exits as search for missing billions hits dead end in Asia

3/3 © Reuters. FILE PHOTO: Braun and von Knoop of Wirecard AG attend the company’s annual news conference in Aschheim 2/3 By Patricia Uhlig, John O’Donnell and Neil Jerome Morales FRANKFURT/MANILA (Reuters) – Wirecard’s chief executive quit on Friday as the German payments firm’s search for $2.1 billion of missing cash hit a dead end […]

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Wirecard CEO quits as search for missing billions hits dead end in Asia

3/3 © Reuters. FILE PHOTO: Braun and von Knoop of Wirecard AG attend the company’s annual news conference in Aschheim 2/3 By Patricia Uhlig, John O’Donnell and Neil Jerome Morales FRANKFURT/MANILA (Reuters) – The chief executive of Wirecard resigned on Friday after the search for $2.1 billion of cash missing from the embattled electronic payments […]

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Wirecard hits out at fraudsters amid search for missing billions

2/2 © Reuters. FILE PHOTO: Braun and von Knoop of Wirecard AG attend the company’s annual news conference in Aschheim 2/2 By Michelle Martin and John O’Donnell FRANKFURT (Reuters) – German payments company Wirecard (DE:) lashed out against unidentified fraudsters on Friday after $2.1 billion went missing from its accounts, sending its shares into a […]

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