BaFin reports employee for insider trading at Wirecard

Thursday, 28. January 2021 11:32

German Financial Supervisory Authority (BaFin) confirmed on Thursday it reported one of its employees to the Stuttgart public prosecutor regarding the suspicion of insider trading at now insolvent financial services provider Wirecard.

According to BaFin, the employee sold structured products with the Wirecard base value on June 17, 2020, and therefore, made a balance sheet hole of €1.9 billion. Wirecard filed for insolvency on June 25 and its Chief Executive Markus Braun resigned amid the scandal.

BaFin said it immediately suspended the employee, who, according to the Frankfurter Allgemeine Zeitung worked in the market surveillance department.

Related Links: Wirecard AG
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