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Lawyers of Wirecard boss Braun down tools due to lack of funds

Lawyers of Wirecard boss Braun down tools due to lack of funds

Markus Braun, the disgraced ex-boss of Wirecard, has been forced to rely on state provided legal support after his former lawyer quit because of lack of funds.

Braun, who is charged with fraud, breach of trust, account rigging and market manipulation relating to the collapse of Wirecard, has been in custody since July 2020.

To defend the charges, which carry a penalty of up to 15 years in jail, Braun hired Alfred Dierlamm, one of Germany’s most prominent white-collar crime lawyers.

Dierlamm has now walked away from the case after the funds of Braun’s directors and officers insurance ran out. Braun, who was a billionaire during Wirecard's heyday due to his hefty shareholding, was left penniless in the aftermath of Wirecard's implosion.

Braun denies the charges and has been attempting to pin the blame on former CFO and, it now transpires, Russian FSB agent Jan Marsalek, who remains on the run.

He will now have to rely on a government-paid lawyer who will remain in charge and be backed by two additional state-funded lawyers to defend his case, which is expected to continue into the new year.

Comments: (3)

A Finextra member
A Finextra member 06 June, 2024, 10:32Be the first to give this comment the thumbs up 0 likes

There will be many hundreds of payment professionals, such as me, who have worked in and around the 'greyer' areas of the market,  Gambling, Webcams Neutra etc....Many of us left when grey became black and white (i.e. for Gambling) in 2006.....  We would all doubt the innocence of Markus Braun.....    You cannot lead an organisation like Wirecard without knowing whats going on, and where! 

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 07 June, 2024, 11:45Be the first to give this comment the thumbs up 0 likes

Markus Braun does not need to be innocent to get out of jail. He only needs a NOT GUILTY verdict.

H/T Michael Connelly's book titled THE LAW OF INNOCENCE for explaining the difference. 

A Finextra member
A Finextra member 10 June, 2024, 14:54Be the first to give this comment the thumbs up 0 likes

If CEOs are not guilty of what goes wrong in their organisations, then they are surely due no credit when things go right!!!!

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