Worldspreads in turmoil – is a sale or bankruptcy next?

(Last Updated On: March 19, 2012)

Worldspreads in turmoil – is a sale or bankruptcy next?
CEO Foley resigned. CFO out. Accounting irregularities. Client funds allegedly missing. FSA and KPMG have teams in on the weekend sorting things out. Details at LeapRate.
Worldspreads in turmoil – sale or bankruptcy next? leaprate.comFSA and KPMG have teams in on the weekend. Ireland-based Worldspreads, one of three publicly traded (in London) financial spreadbetting companies, had its shares suspended from trading on Friday. Worldspreads CEO Conor Foley…
==Has now entered Special Administration under KPMG… http://www.reuters.com/article/2012/03/19/worldspreads-idUSL6E8EJ0CX20120319
After MFG I can’t think this is good news for the industry as a whole, especially in terms of client confidence……no excuse for a company of this size to have such a deficit in client funds (£13m) without knowing about it though beforehand in my opinion.
The article doesn’t state whether the client balances were all segregated though, so may be less nefarious than it first appears (though seems unlikely with the resignations last week).
Will certainly be interesting to see how this one pans out…

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