German payments company Wirecard collapsed into insolvency in June 2020 after disclosing that 1.9 billion dollars supposedly held in trustee accounts in the Philippines did not exist, revealing a years-long accounting fraud at what had been one of Germany's most prominent technology companies and a member of the DAX stock index. Former CEO Markus Braun was arrested and later convicted of fraud, fugitive former COO Jan Marsalek remains at large, and the scandal became one of Europe's largest corporate fraud cases and a major embarrassment for German financial regulator BaFin.
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Wirecard's 2020 collapse, after auditors could not verify roughly 1.9 billion euros supposedly held in trust accounts, is one of Europe's largest accounting fraud cases and prompted reform of German financial audit oversight.
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1. Wikipedia, Wirecard Scandal
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The Wirecard scandal (German: Wirecard-Skandal) was a series of corrupt business practices and fraudulent financial reporting that led to the insolvency of Wirecard, a payment processor and financial services provider, headquartered in Munich, Germany together with the failure of watchdogs over a number of years.
1. Wikipedia, Wirecard Scandal
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