Wirecard’s €1.9 billion cash shortfall and collapse

Claim under review

Did executives fabricate revenue and trustee cash, while auditors and BaFin overlooked warnings?

Chronology

In June 2020 EY could not verify €1.9bn in trustee accounts; Wirecard said the cash likely did not exist and filed for insolvency. CEO Markus Braun was arrested; a Munich criminal trial began in 2022.

Court, regulatory and primary evidence

Company disclosure establishes the missing cash. Bundestag inquiry and ESMA peer review document separate company, audit and regulator failures; individual guilt awaits court findings.

Independent cross-checks

Independent corroboration: ESMA peer review of BaFin (2020) provides a separate record relevant to this case. Independent review of supervisory failures.

Competing account and limits

Executives disputed responsibility and cited outside partners. Missing cash is more certain than each accused person’s role; short-seller reports were not proof.

Evidence that could alter this assessment

Final trial judgments, trustee bank records, partner settlements and evidence about who created false confirmations.

Skeptical finding

Large-scale fraud is strongly supported, but individual roles and regulatory culpability must track adjudicated facts.

Annotated sources

1. Bundestag Wirecard inquiry report (2021)Parliamentary investigation, not criminal verdict.
2. ESMA peer review of BaFin (2020)Independent review of supervisory failures.
3. Munich I Regional CourtCourt source for trial status and decisions.

Historical research only; not legal or investment advice.