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☆ Audi ex-boss becomes first VW board member sentenced over diesel scandal
▼ + stars: | 2023-06-27 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

Matthias Schrader/Pool via REUTERSSummarySummary Companies Stadler given suspended sentence, 1.1 mln euro fineFirst former VW board member sentenced for diesel scandal fraudFormer exec, engineer also sentenced and finedJune 27 (Reuters) - Former Audi boss Rupert Stadler was handed a suspended sentence of one year and nine months by a Munich court on Tuesday for fraud by negligence in the 2015 diesel scandal, becoming the first former Volkswagen board member to receive such a sentence. Prosecutors had originally wanted a 2-million-euro fine, citing Stadler's salaries at Audi and Volkswagen and his financial and real estate assets. Stadler's trial, one of the most prominent court proceedings in the aftermath of the diesel scandal, has been ongoing since 2020. Audi's parent group Volkswagen (VOWG_p.DE) and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. Stadler was accused of failing to stop the sale of the manipulated cars after the scandal became known.

Persons: Rupert Stadler, Matthias Schrader, Stadler, Ulrike Thole, Groll, Wolfgang Hatz, Giovanni P, Joern Poltz, Victoria, Friederike Heine, Jason Neely Organizations: Audi, VW, Volkswagen, Prosecutors, Thomson Locations: Munich, Germany

☆ Former Audi boss agrees deal to make confession in diesel emissions scandal
▼ + stars: | 2023-05-03 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

The former CEO has been on trial since 2020 over his role in the scandal after parent group Volkswagen (VOWG_p.DE) and Audi admitted in 2015 to having used illegal software to cheat on emissions tests. The trial is one of the most prominent court proceedings in the aftermath of the diesel scandal at Volkswagen (VOWG_p.DE) and its subsidiary Audi. Revelations that millions of emissions tests had been manipulated emerged in September 2015. Stadler was accused of failing to stop the sale of the manipulated cars after the scandal became known. Stadler has been on trial along with former Audi executive Wolfgang Hatz and an engineer.

☆ 'Day of pain': Wirecard boss denies charges in massive fraud trial
▼ + stars: | 2023-02-13 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

MUNICH, Feb 13 (Reuters) - The former boss of Wirecard on Monday expressed his "deepest regret" over the collapse of the defunct payments company but denied all allegations as he took to the stand in Germany's biggest post-war fraud trial. Austrian-born Braun, 53, and two other ex-Wirecard managers Oliver Bellenhaus and Stephan von Erffa are on trial on charges including market manipulation and fraud and face up to 15 years each in prison if convicted. "There was in reality no life outside the company," he said, speaking throughout in a calm and concentrated voice. Braun's lawyers have alleged that Bellenhaus was the main perpetrator of the fraud at Wirecard, which began processing payments for pornography and online gambling and rose to be a blue chip DAX company worth $28 billion. Reporting by Jörn Poltz and Alexander Hübner Writing by Matthias Williams Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Companies Wirecard AG FollowMUNICH, Dec 12 (Reuters) - The former Wirecard CEO Markus Braun began his defence in Germany's biggest post-war fraud trial on Monday, as his lawyer dismissed allegations of wrongdoing at the defunct payments company as "absurd" and prejudiced. They said the deception allowed Wirecard's managers to siphon money out of the company for years. "It's an absolutely absurd and erroneous notion that a gang leader would act like this," Dierlamm told the court. Braun's lawyer told the court that the prosecution's key witness was the main perpetrator. Wirecard became the first-ever member of Germany's DAX blue chip stock index to file for insolvency, owing nearly $4 billion.

☆ Wirecard bosses' fraud trial begins after scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +5 min

The trial is taking place in Munich's largest and newest courtroom, a bomb-proof underground hall built in the Stadelheim prison complex. Braun, an Austrian born in Vienna, has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. [1/8] Wirecard's former CEO Markus Braun looks on at a courtroom as his trial begins, after the German payments company collapsed in the wake of a fraud scandal in 2020, in Munich, Germany, December 8, 2022. The fraud let Wirecard managers siphon money out of the company with no proper checks and balances. "All three defendants worked together to make Wirecard appear as an extremely successful FinTech company," said Anne Leiding, a spokesperson for the prosecutors.

☆ Wirecard ex-boss on trial for fraud in scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +5 min

The trial is taking place in Munich's largest and newest courtroom, a bomb-proof underground hall built in the Stadelheim prison complex. Braun has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. [1/7] Wirecard's former CEO Markus Braun looks on at a courtroom as his trial begins, after the German payments company collapsed in the wake of a fraud scandal in 2020, in Munich, Germany, December 8, 2022. The fraud let Wirecard managers siphon money out of the company with no proper checks and balances. Scholz also criticised Wirecard's auditor, EY, for failing to detect the fraud.

☆ Former Wirecard boss goes on trial in fraud scandal that rocked Germany
▼ + stars: | 2022-12-08 | by ( Jörn Poltz | ) www.reuters.com time to read: +4 min

[1/2] Wirecard's former boss Markus Braun listens, ahead of testifying before a German parliamentary committee in Berlin, Germany, November 19, 2020. Braun has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge. However, within days, Wirecard became the first-ever DAX member to file for insolvency, owing creditors nearly $4 billion. Following Wirecard's demise, the head of German financial regulator BaFin resigned and the head of Germany's accounting watchdog also stepped down. Scholz also criticised Wirecard's auditor, EY, for failing to catch the fraud.

[1/2] The headquarters of Wirecard AG in Aschheim near Munich, Germany, September 22, 2020. REUTERS/Michael DalderMUNICH/BERLIN, Dec 6 (Reuters) - Former Wirecard executives go on trial on Thursday, two years after the collapse of the payments company that produced Germany's biggest post-war fraud scandal and sent shockwaves through the country's political and financial establishment. Wirecard, which started out processing payments for pornography and online gambling, rose to be worth $28 billion and displaced Commerzbank (CBKG.DE) in Germany's DAX blue-chip index. But in June 2020, Wirecard was forced to admit that 1.9 billion euros were missing from its balance sheet. In the ructions that followed Wirecard's demise, the head of German financial regulator BaFin resigned and the head of Germany's accounting watchdog also stepped down.

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