FAST FIVE: Munich Prosecutors Raid Wirecard Offices As Probe Into $2BN Accounting Fraud Heats Up
Munich Prosecutors Raid Wirecard Offices As Probe Into $2BN Accounting Fraud Heats Up Tyler Durden Wed, 07/01/2020 – 07:16 The German leadership has already scapegoated an industry group, the Financial Reporting Enforcement Panel, over the Wirecard disaster in the hope that the appearance of reform might be enough to placate Brussels and ESMA after Germany's most powerful financial regulator, BaFin, was exposed as virtually complicit in the biggest corporate accounting fraud in the country's post-war history.
Here's more on that from 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 police officers were involved in the raids to investigate suspected fraud, including market manipulation, prosecutors said.
A spokeswoman told Reuters that prosecutors were investigating board members Alexander von Knoop and Susanne Steidl, as well as Braun and former director Jan Marsalek.
Wirecard CEO/mastermind Markus Braun, meanwhile, remains out on bail.