In the scandal surrounding Wirecard's insolvency, the BaFin financial supervisory authorities are now taking action against ex-CEO Markus Braun because of insider trading. A spokeswoman for the authority said that the Munich public prosecutor's office had filed a complaint against the MB holding company, behind which Braun stands.
It is about the sale of Wirecard shares for 6.6 million euros on June 24 - the day before the payment processor filed for bankruptcy. Further sales for 3.4 million euros by MB two days before would be investigated, said the spokeswoman for the agency.
At the time, Braun had already stepped down as CEO after the company had to admit that, from his balance sheet, 1.9 billion euros probably did not exist.
The Munich public prosecutor is already investigating whether and to what extent the Austrian Braun is involved in the fraud. He had turned to the judiciary and was released from custody on 22 June on bail of five million euros. Braun was also Wirecard's largest single shareholder. He had already sold most of his eight percent share package on June 18 and 19 for 155 million euros. According to BaFin, these transactions should also be checked for possible insider trading.
On Monday, the financial regulator had already passed on the first suspicions of insiders to the public prosecutor. As the Handelsblatt reported, it was about an entry in an online exchange forum. There, an anonymous user wrote that EY's auditors would not give Wirecard's balance sheet unlimited audits - eight days before the certificate was actually refused. According to the post, the Wirecard management apparently could not prove where significant amounts came from as collateral in escrow accounts, employees had disclosed the information.