Germany drops probe of former Deutsche Bank board member over Wirecard

FILE PHOTO: The logo of Wirecard AG is pictured at its headquarters in Aschheim

FRANKFURT (Reuters) – German prosecutors have dropped an investigation of former Deutsche Bank supervisory board member Alexander Schuetz for alleged insider trading of Wirecard shares, a Stuttgart state prosecutor said on Monday.

Germany’s securities regulator BaFin filed a criminal complaint against Schuetz in April.

Stuttgart prosecutors, which had been handling the complaint, found no initial grounds for suspicion in the case and will not pursue the issue further, the Stuttgart prosecutor said.

A spokesperson for Schuetz declined to comment.

(Reporting by Tom Sims; Editing by Caroline Copley)