Online and telephone spread betting firm WorldSpreads has gone into administration.
The administration follows the discovery of accounting irregularities that the Dublin-based company became aware of on March 16.
Its shares were subsequently suspended and, according to a statement on the WorldSpreads website, “it quickly became apparent that there was a shortfall in client monies and the directors and their advisors concluded that the best course of action, in order to mitigate losses for clients, would be to place the company into special administration.”
A report in today’s Financial Times states that an alleged £13m is missing from clients’ accounts.
Jane Moriarty and Samantha Bewick from accountancy firm KPMG have been appointed as joint special administrators.
