Wirecard AG · accounting fraud · criminal prosecution · insolvency · financial regulation
Has a court ruled on the alleged accounting fraud at Wirecard?
As of 30 October 2026, no criminal verdict has been given. The criminal trial of former chief executive Markus Braun and two co-defendants at the Munich Regional Court I, which began on 8 December 2022, had reached its 289th hearing day on 28 October 2026, with closing arguments not yet scheduled. Braun denies all charges. In civil cases the same court declared Wirecard's 2017 and 2018 accounts void in 2022 and in 2024 held three former board members liable for negligent breaches of duty, rulings that were not final and are not findings of fraud. Wirecard AG said in June 2020 that 1.9 billion euros in trust balances were likely not to exist and filed for insolvency.
Last verified 30 October 2026. Germany · Also concerns Markus Braun
The record at a glance
| What was alleged? | Munich I public prosecutors allege that Braun and others included revenue from third-party acquirer business that did not exist in Wirecard's 2015 to 2018 consolidated accounts to deceive lending banks. They charged him with commercial gang fraud, breach of trust, market manipulation and inaccurate presentation of the accounts. The prosecutors said banks paid out loans of about 1.7 billion euros and bonds of about 1.4 billion euros in the fraud counts. Reports in 2026 put the alleged loss at about 3 billion euros. In 2019, before the collapse, the Financial Times published reports questioning Wirecard's accounting.1,2,3,4 |
|---|---|
| Who made the claim? | Staatsanwaltschaft München I (Munich I public prosecutor), following reporting by the Financial Times, 10 March 2022 |
| How did Wirecard respond? | Before its collapse Wirecard rejected the FT reporting as false and misleading. In June 2020 its management board said the trust account balances of 1.9 billion euros were likely not to exist and applied for insolvency. Braun has denied all charges since the trial began. His position, as reported, is that the business was genuine and that former board member Jan Marsalek and accomplices embezzled the profits.3,4,5,6 (the subject's position) |
| Was there an official finding? | Wirecard AG's own management board stated in June 2020 that 1.9 billion euros in reported trust account balances were likely not to exist, and the company applied to open insolvency proceedings.5,9 The Munich Regional Court I admitted the indictment against Markus Braun in September 2022, and the trial was continuing on 28 October 2026 without a verdict.2,3,13 The Munich Regional Court I declared Wirecard AG's 2017 and 2018 annual accounts void on 5 May 2022 for overstated assets, and on 5 September 2024 ordered three former management board members to pay 140 million euros for negligent breaches of duty. Neither judgment was final when announced.11,12 |
| Was liability determined? | Not yet. Proceedings are pending. Braun and two co-defendants are on trial and are presumed innocent until a verdict. One co-defendant, Oliver Bellenhaus, has confirmed the prosecution account in all essential points, as reported. Wirecard AG itself is not a defendant in the trial. No criminal court has ruled on whether fraud occurred. A civil judgment of 5 September 2024, not final, found negligent breaches of duty by three former board members, which is not a finding of fraud.3,6,12 |
| What changed later? | As of 30 October 2026, the Munich criminal trial of Markus Braun and two co-defendants is in its final evidence phase with no verdict, and Braun remains in pretrial detention.3,14 |
| When was this checked? | 30 October 2026 |
What was alleged?
Munich I public prosecutors allege that Braun and others included revenue from third-party acquirer business that did not exist in Wirecard's 2015 to 2018 consolidated accounts to deceive lending banks. They charged him with commercial gang fraud, breach of trust, market manipulation and inaccurate presentation of the accounts. The prosecutors said banks paid out loans of about 1.7 billion euros and bonds of about 1.4 billion euros in the fraud counts. Reports in 2026 put the alleged loss at about 3 billion euros. In 2019, before the collapse, the Financial Times published reports questioning Wirecard's accounting.1,2,3,4
Made by Staatsanwaltschaft München I (Munich I public prosecutor), following reporting by the Financial Times on 10 March 2022.
What did Wirecard say?
Before its collapse Wirecard rejected the FT reporting as false and misleading. In June 2020 its management board said the trust account balances of 1.9 billion euros were likely not to exist and applied for insolvency. Braun has denied all charges since the trial began. His position, as reported, is that the business was genuine and that former board member Jan Marsalek and accomplices embezzled the profits.3,4,5,6
"Today's article by the Financial Times is a compilation of a number of false and misleading allegations"
Wirecard AG (company statement, as reported by Reuters), 15 October 2019. This is the subject's own account, not a finding.
What do independent records show?
General Administrative Act under Article 20 of Regulation (EU) No 236/2012
BaFin (Federal Financial Supervisory Authority), 18 February 2019
BaFin prohibited establishing or increasing net short positions in Wirecard AG shares until 18 April 2019. ESMA issued a positive opinion on the measure.7
Ad hoc statement on the current situation of the company
Wirecard AG management board, 22 June 2020
The board said there was a prevailing likelihood that bank trust account balances of 1.9 billion euros did not exist.5,8
Ad hoc announcement, application for opening of insolvency proceedings
Wirecard AG management board, 25 June 2020
Wirecard said it would apply to the Munich district court (Amtsgericht München) to open insolvency proceedings on grounds of impending insolvency and over-indebtedness.9
Closure of investigation into two Financial Times journalists (as reported by AP)
Staatsanwaltschaft München I, 3 September 2020
Prosecutors closed an investigation, opened after a BaFin complaint, into FT journalists Dan McCrum and Stefania Palma. AP reported that investigators found the reporting fundamentally accurate.10
Indictment of Dr. Markus B. and two other accused, filed with the 4th Criminal Chamber of the Landgericht München I (announced 14 March 2022)
Staatsanwaltschaft München I, 10 March 2022
Charged the former chief executive, a former head of accounting and a former managing director of a Dubai subsidiary. The release said the charges still have to be proven in court.1
Judgment, Az. 5 HK O 15710/20 (press release 13/2022)
Landgericht München I, 5th Chamber for Commercial Matters, 5 May 2022
In a suit by the insolvency administrator, declared Wirecard AG's 2017 and 2018 annual accounts void because assets were overstated by about 39 and 41 percent of the balance sheet totals. The court did not decide whether the trust account confirmations were forged. Not final when announced.11
Admission of indictment against Markus Braun and two co-defendants (as reported)
Landgericht München I, 4th Criminal Chamber, 21 September 2022
The court admitted the indictment unchanged. The charges include commercial gang fraud, breach of trust, market manipulation and inaccurate presentation of annual accounts.1,2
Judgment in the director liability case, Az. 5 HK O 17452/21 (press release 10/2024)
Landgericht München I, 5th Chamber for Commercial Matters, 5 September 2024
Ordered three former management board members, not named in the release, to pay 140 million euros plus interest to the insolvency administrator for at least negligent breaches of duty over an unsecured loan and a bond subscription. The claim against a former supervisory board member was dismissed. Not final.12
Hearing day 289 (as reported)
Landgericht München I, 28 October 2026
The presiding judge said the court intends to announce on 11 November 2026 a two-week deadline for final evidence motions, after which the prosecution would give its closing statement. No dates were set for closing arguments or a verdict.3
What was established?
- Wirecard AG's own management board stated in June 2020 that 1.9 billion euros in reported trust account balances were likely not to exist, and the company applied to open insolvency proceedings.5,9
- The Munich Regional Court I admitted the indictment against Markus Braun in September 2022, and the trial was continuing on 28 October 2026 without a verdict.2,3,13
- The Munich Regional Court I declared Wirecard AG's 2017 and 2018 annual accounts void on 5 May 2022 for overstated assets, and on 5 September 2024 ordered three former management board members to pay 140 million euros for negligent breaches of duty. Neither judgment was final when announced.11,12
Distinctions that matter here
- Insolvency is not a finding of fraud.
- An admitted indictment is not a conviction. The defendants are presumed innocent until a verdict.
- A BaFin short selling ban is a market measure and was not a finding about Wirecard's accounts.
- A civil finding of negligent breach of directors' duties, and a ruling that annual accounts are void, are not criminal findings of fraud.
Was liability determined?
Not yet. Proceedings are pending. Braun and two co-defendants are on trial and are presumed innocent until a verdict. One co-defendant, Oliver Bellenhaus, has confirmed the prosecution account in all essential points, as reported. Wirecard AG itself is not a defendant in the trial. No criminal court has ruled on whether fraud occurred. A civil judgment of 5 September 2024, not final, found negligent breaches of duty by three former board members, which is not a finding of fraud.3,6,12
What remains unresolved?
- The verdict in the Munich criminal trial.
- The whereabouts and role of former board member Jan Marsalek, who is not a defendant in this trial.
- Outcome of a separate case against a former Wirecard manager that the defence wanted the court to await.
- Whether the 2022 ruling voiding the 2017 and 2018 accounts and the 2024 director liability judgment were appealed or became final.
What is the current status?
As of 30 October 2026, the Munich criminal trial of Markus Braun and two co-defendants is in its final evidence phase with no verdict, and Braun remains in pretrial detention.3,14
As of 30 October 2026. Next known step: 11 November 2026 Court expected to set a deadline for final defence evidence motions.
Timeline
- BaFin bans new net short positions in Wirecard shares for two months.7
- Wirecard rejects a new FT report as false and misleading.4
- Markus Braun resigns from the management board.15
- Wirecard says 1.9 billion euros in trust balances likely do not exist.5
- Wirecard announces its application to open insolvency proceedings.9
- Munich prosecutors close their probe of two FT journalists.10
- Munich I prosecutors file the indictment against Braun and two others.1
- Munich Regional Court I declares the 2017 and 2018 annual accounts void (not final).11
- Munich Regional Court I admits the indictment against Braun.2
- Trial opens in Munich.6,13
- Munich Regional Court I holds three former board members liable for 140 million euros in a civil case (not final).12
- Court rejects a defence request to suspend the trial.14
Sources
- Staatsanwaltschaft München I, Erste Anklageerhebung im Komplex Wirecard gegen Dr. Markus B. und zwei weitere Angeschuldigte (Pressemitteilung 02/2022), 14 March 2022 · document record Government, parliamentary or audit document
- Legal Tribune Online, Prozess gegen ehemaligen Wirecard-Vorstandschef kann starten: Gericht lässt Anklage gegen Markus Braun zu, 21 September 2022 Independent reporting
- beck-aktuell, Wirecard-Prozess: Beweisanträge der Verteidiger Brauns, 28 October 2026 Independent reporting
- Euronews (Reuters), Wirecard says FT report is compilation of false and misleading allegations, 15 October 2019 Independent reporting
- Wirecard AG, Wirecard AG: Statement of the Management Board about the current situation of the Company, 22 June 2020 · document record Filing or formal statement by the subject
- beck-aktuell, Wirecard-Prozess: Urteil in Sicht (LG München I), 23 July 2026 Independent reporting
- BaFin, General Administrative Act prohibiting net short positions in Wirecard AG shares, 18 February 2019 · document record Court, legislation, official register or regulator record
- Wirecard AG, Ad hoc announcements 2020, 22 June 2020 · document record Filing or formal statement by the subject
- Wirecard AG, Wirecard AG: Application for opening of insolvency proceedings, 25 June 2020 · document record Filing or formal statement by the subject
- Associated Press (via Audacy), German prosecutors drop probe of journalists over Wirecard, 3 September 2020 Independent reporting
- Landgericht München I (Bavarian justice portal), Jahresabschlüsse der Wirecard AG für Jahre 2017 und 2018 nichtig (Pressemitteilung 13/2022, Az. 5 HK O 15710/20), 5 May 2022 · document record Court, legislation, official register or regulator record
- Landgericht München I (Bavarian justice portal), Urteil im Organhaftungsverfahren Wirecard (Pressemitteilung 10/2024, Az. 5 HK O 17452/21), 5 September 2024 · document record Court, legislation, official register or regulator record
- Landgericht München I (Bavarian justice portal), Der Wirecard-Komplex am Landgericht München I (Pressemitteilung 03/2023), 27 January 2023 · document record Court, legislation, official register or regulator record
- t-online (dpa), Wirecard: Verteidigung blitzt mit Aussetzung ab, 8 October 2026 Independent reporting
- Wirecard AG, Wirecard AG: Markus Braun resigns with immediate effect as member of the management board, 19 June 2020 · document record Filing or formal statement by the subject
Revision history
- 30 October 2026: Corrected the prosecutors' loss figures to their stated components (loans of about 1.7 billion euros and bonds of about 1.4 billion euros) and added two Munich civil rulings, both not final and not findings of fraud.
- 30 October 2026: First published after source verification.
Related: Wirecard AG, accounting fraud, criminal prosecution, insolvency, financial regulation, Germany. To submit a document or request a correction, see right of reply.