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Accounting irregularities close down WorldSpreads

19th March 2012 8:42 am GMT

Irish spread betting firm WorldSpreads has ceased trading today and been placed into administration after the company’s board of directors discovered a £13.0m shortfall in money held on account for clients.

The AIM listed business began to unravel in late February when directors said that they expected to post a loss for the financial year ended March 31st 2012, the company’s first loss since 2006. On the same day, chief financial officer Niall O'Kelly resigned from [...]

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