The offices of Spanish wireless networks provider Gowex have been searched by investigators on the orders of a judge, one day after it filed for bankruptcy and the former boss admitted he had misrepresented the firm’s financial accounts for at least the last four years.<br /><br />Jenaro Garcia Martin is facing a slew of charges, including insider trading and unless he can raise 600,000 euros bail money within 15 days he will be jailed awaiting trial.<br /><br />Gowex bankruptcy filing is complicated and needs a judge’s final go ahead as the financial and management situation at the company is still unclear.<br /><br />Law firm Velez & Urbina said Gowex had decided to file for bankruptcy because it was in a state of “imminent insolvency” and faced a “financial standstill” after a high number of contracts were ended and new projects were cancelled.<br /><br />Read how the fraud was revealed
