Wirecard's Ex-CEO Arrested On New Charges Of Bank Fraud

Law360, London (July 23, 2020, 11:34 AM BST) -- Wirecard's former chief executive has been re-arrested in Munich on new evidence that the payments company cheated banks out of €3.2 billion ($3.7 billion) in loans that were extended on the basis of doctored corporate results.

Markus Braun has been taken into custody on "new, substantially expanded" charges of commercial fraud, German prosecutors said. (AP) The Munich prosecutor's office said late Wednesday that Markus Braun was taken into custody on "new, substantially expanded" charges of commercial fraud. Braun was first arrested in June on suspicion of accounting fraud and of manipulating markets before being released on bail. He has denied the...

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