Wirecard's former CEO Markus Braun

, who steered the payments company through its rise and spectacular collapse two years ago, went on trial for fraud on Thursday after a scandal that shook German politics and tarnished the country's business reputation. The accused, which include two other managers of the defunct blue chip company, could be jailed for up to 15 years if convicted.

^{via Reuters}

• What happened? Wirecard admitted in June 2020 that €1.9 billion were missing from its balance sheet. Within days, Wirecard became the first-ever DAX member to file for insolvency, owing creditors nearly $4 billion. The prosecution asserts that Wirecard invented vast sums of phantom revenue to mislead investors and creditors and drive up the share price.