Wirecard CEO Resigns as the Mystery of the Missing $2B Deepens

The CEO of Wirecard, Markus Braun, resigned today as the $2 billion that auditors say is missing still cannot be found; the two banks in the Philippines that were supposed to be holding the money said they have never seen the $2 billion; the company is in further trouble because they have delayed releasing their 2019 financial results multiple times jeopardizing their €2 billion worth of credit lines; the stock is down 72% in the last two days alone; critics of the company have said that the missing money has been growing for years as revenue reported from third party affiliates wasn’t real; one of the banks in question, Bank of the Philippine Islands said: “Wirecard is not a client. Their external auditor presented to us a document that claimed that they are a client. We have determined that the document is spurious.” The Wall Street Journal

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.