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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
jh
-
How to find lost pensions, savings or investmentsLosing track of money is easy to do when moving house or changing jobs so if you’ve lost touch with your cash, we outline some simple steps to find lost pensions, investments, savings accounts and Premium Bonds
-
Frasers Group 'is a rare retail gem in a battered sector'Opinion Frasers Group is shunned for a reason, but brave investors should buy in now, says Jamie Ward
