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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