Wirecard’s Braun Dumps Stock, Joining Ex-Billionaire Ranks
- Former CEO surrendered to police Monday amid accounting probe
- He sold 5.5 million shares last week because of a margin call
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Markus Braun started last week with a $1 billion stake in Wirecard AG, the digital payments company he ran. By the end of the week he was out of his job as chief executive officer and more than half his shares had been liquidated to meet a margin call.
Braun, who surrendered to police in Munich late Monday as part of a probe into the firm’s accounting practices, disposed of 5.5 million shares on Thursday and Friday, according to regulatory filings, confirming an earlier Bloomberg News report. That leaves him with a 3% stake valued at roughly $60 million.