Ex-CEO Wirecard arrested on suspicion of financial fraud …

Ex-CEO Wirecard arrested on suspicion of financial fraud ...

Ex-CEO Wirecard arrested on suspicion of financial reporting fraud

Former CEO of Wirecard, among others dealing with by issuing payment cards for clients cryptocurrency startups, Marcus Brown was arrested in Germany in this Tuesday.

Brown is suspected of falsifying data, CNN reports about cash balances funds on company accounts. On a crime is he, presumably went to distort the view investors on indicators company.

Wirecard on monday acknowledged shortage of € 1.9 billion or 32% from declared assets under management. “It is highly likely that these funds do not exist,” the board of directors said in a statement..

Money was supposed will be be kept on trust accounts with Philippine banks, names which not specified. Last week, EY’s auditor announced that it was unable to establish the presence of these assets from the company. Wirecard then suggested that distorted reporting could have been provided to third face, to mislead the auditor.

Commenting on the incident, Wirecard said yesterday that it previously considered trust accounts to be in the company’s best interests and included their in the financial statements. Wirecard will continue to understand the details of what happened jointly with investment bank Houlihan Lokey.

Brown has directed Wirecard since 2002 of the year, and left the post on Friday. Decision about leaving him under custody or release, the judge will accept before end of the day. Co time the appearance of information about the problems Wirecard shares fell 88%.

Crypto.com CEO Chris Marsalek earlier stated, what is issued for him clients Wirecard cryptocurrency cards are fully prepaid and will continue to function.