Ex-Wirecard boss on trial in fraud case that shamed Germany

BERLIN (AP) — The former chief executive of financial services company Wirecard and two other ex-managers has gone on trial over the firm’s collapse. It has been described as the biggest case of fraud in post-war Germany. Wirecard was the darling of Germany’s fintech scene until it filed insolvency proceedings in 2020, saying 1.9 billion euros that had been on its balance sheet could not be found. The case exposed flaws in Germany’s financial oversight bodies and embarrassed officials who had lobbied on behalf of the company. Prosecutors in Munich allege that ex-CEO Markus Braun signed off on financial reports he knew were false. Braun’s lawyers deny the charges. Prosecutors say the fraud cost banks 3.1 billion euros in loans and writedowns.