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London — Markus Braun started last week with a $1bn stake in Wirecard, the digital payments company he ran. By the end of the week he was out of his job as CEO and more than half his shares had been liquidated to meet a margin call.

Braun, who surrendered to police in Munich late on Monday as part of a probe into the firm’s accounting practices, disposed of 5.5-million shares on Thursday and Friday, according to regulatory filings, confirming an earlier Bloomberg News report. That leaves him with a 3% stake valued at about $60m...

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