The arrest comes after former CEO Markus Braun was taken into custody on June 23 on charges of market manipulation and falsifying financial results and released on bail.Wirecard, once a high-flying star of the burgeoning financial technology center, filed for protection from creditors through an insolvency proceeding on June 25 after executives admitted that 1.9 billion euros that had been represented as being held in trust accounts in the Philippines in fact did not exist.
Prosecutors in the German city of Munich said in a statement that the suspect arrested Monday, who was not named in the news release, would be brought before a judge the same day. Bail and conditions of release are typically decided at such appearances.
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