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Billionaire Wirecard CEO Takes $221 Million Hit on Fraud Report

By Tony Seruga

Markus Braun, chief executive officer of Wirecard AG.

Markus Braun, chief executive officer of Wirecard AG. Photographer: Matthias Doering/Bloomberg

Wirecard AG’s billionaire leader saw his fortune tumble $221 million Wednesday following a Financial Times report that a senior executive at the German payments firm used forged contracts.

Chief Executive Officer Markus Braun’s stake in the Aschheim-based company dropped to $1.44 billion, according to the Bloomberg Billionaires Index. Wirecard said the allegations were false and misleading. An entity Braun controls is Wirecard’s biggest shareholder, with about 7 percent of the stock…

Billionaire Wirecard CEO Takes $221 Million Hit on Fraud Report

Categories : Private Equity

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