Wirecard's missing billions ends in insolvency filing

<p>It appears that just under two billion euros were misrepresented in the accounts of German payment services company Wirecard. The company's board of directors has filed for insolvency proceedings in Munich on the grounds of mass indebtedness. Just a few weeks ago, the company announced that it may have been the victim of fraud by announcing a delay in the presentation of its accounts due to a mismatch of no less than 2.1 billion euros, an amount which represents almost 25% of the company's total balance sheet. </p><p>Wirecard's CEO Markus Braun, who resigned last Monday, has been arrested for falsifying accounts. Several asset management firms have been reducing their positions in the company in recent months, and are now considering legal action against the German entity. This is the first company listed in the <a href="https://admiralmarkets.com/start-trading/contract-specifications/instrument/_dax30_" target="_blank">DAX30</a> to go bankrupt in the history of the German index. It has been just two years since the company was listed on the Dax Xetra, and the company's share price has fallen by more than 90% since accounting firm EY refused to sign off on its 2019 accounts last week. The tax office has announced that it "will now look at all possible criminal offences" with respect to Braun and the company.</p><p>As Wirecard files for insolvency, it is the first company ever in the German DAX to fail. This could weigh on the index so traders may want to review current positions in German equities and indices.</p><p><a href="https://admiralmarkets.com/analytics/traders-blog/wdi-bankruptcy"><img data-resize="auto" data-resize="auto" style="width:auto;" data-src="https://fxmedia.s3.amazonaws.com/articles/remote/13ca3af91858a00e760feb8e8aba00af.png" rel="" alt="WDI monthly chart"></a></p><p><em>Source: Admiral Markets MetaTrader 5, #WDI, Monthly – Data range: from 1 February 2005 to 25 June 2020, accessed on 25 June 2020 at 4:30 pm BST. Please note: Past performance is not a reliable indicator of future results.</em></p><p>Admiral Markets continues to offer the trading of other companies' shares in the payment service provider sector:</p><ul><li>Visa Inc. (class A) (V)</li><li>MasterCard (MA)</li><li>American Express (AXP)</li><li>PayPal Holdings Inc. ( PYPL)</li><li>Global Payments Inc (GPN)</li><li>Square Inc (SQ)</li><li>Adyen NV (ADYEN)</li></ul><p><em><a href="https://admiralmarkets.com/trading-platforms/metatrader-se"><img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/remote/a7c896fd95be06c026fc2d5ab27f4d6b.png" rel="" alt="Trade With MetaTrader Supreme Edition" /></a></em></p><p><em>INFORMATION ABOUT ANALYTICAL MATERIALS:</em></p><p><em>The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. 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