Worldspreads finds hole in accounts, calls in administrators

published 19 March 2012

Spread betting firm WorldSpreads has called in the administrators after admitting that it has uncovered potential financial irregularities in its accounts.

Trading in the company's shares was suspended on Friday asthe company announced an investigation into its financial position.

As a result of further investigation, the board of directors believe that as at close of business on Friday, 16th March 2012 there was a shortfall of client money at WorldSpreads Limited of some £13m and that gross amounts owed to clients are in the region of £29.7m, whereas the total cash balances available to the company are around £16.6m.