Wirecard files for insolvency after accounting scandal

German financial technology company Wirecard said Thursday it is filing for insolvency amid an accounting scandal that led earlier this week to the arrest of its former CEO

The company said it would make the filing at a district court in Munich "due to impending insolvency and over-indebtedness." It added in a brief statement that it is evaluating whether insolvency applications also have to be filed for its subsidiaries

Markus Braun resigned as CEO on Friday after the company said that auditors couldn't find accounts containing 1.9 billion euros ($2.1 billion). On Monday, Wirecard said it had concluded that the money probably doesn't exist, and Braun turned himself in to prosecutors hours later.