Wirecard

Wirecard AG was a German payment processor and financial services provider, established in 1999, that provided electronic payment transaction services, risk management and physical and virtual payment cards to clients worldwide. In June 2020 the company disclosed that about 1.9 billion euros in cash reported on its balance sheet could not be verified and likely never existed, revealing a large accounting fraud. Its stock lost more than 72 percent of its value, longtime chief executive Markus Braun resigned and was later arrested on fraud charges, former chief operating officer Jan Marsalek disappeared and became a fugitive wanted by German authorities, and the company filed for insolvency on June 25, 2020. Several of Wirecard's former executives, including its chief executive, chief operating officer and two board members, have since been arrested or otherwise implicated in criminal proceedings. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/