Worldspreads finds 'financial irregularities'

Saw this on the RTE website not sure how important this story maybe … iness.html

Worldspeads has confirmed that it has found ‘‘financial irregularities’’ in its business.
Worldspreads’ shares suspended from AIM trading
Worldspreads’ shares suspended from AIM trading
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An Irish-registered financial spread-trading company has suspended trading of its shares today after the new management team identified possible financial irregularites in the business.

WorldSpreads Group Plc was founded in Ireland in 2000. It employs about 100 people in 10 offices around the world - just five are based in Dublin.

The Group’s CEO, co-founder and biggest shareholder Conor Foley resigned on Wednesday, two weeks after the Chief Financial Officer Niall O’Kelly had tendered his resignation.

After their appointment, the new management team engaged in a detailed review of the state of the business.

Executive Chairman of WorldSpreads Group plc Lindsay McNeile told RTÉ this evening said the review had identified “material and serious” issues of concern in the business.

It was decided that trading of the shares should be suspended from trading on the London pending a full investigation of the business.

In a statement today, the Group said the suspension would remain in place until such time as WorldSpreads was able to determine the Group’s financial position “with sufficient clarity”.

According to its website, WorldSpreads pioneered the introduction of spread trading in Ireland when it was founded in 2000 and then expanded into the UK in 2005.

It provides its clients with the opportunity to trade across multiple financial markets using financial spread trading and Contracts For Difference (CFDs).

It describes itself as offering “a full range of prices on the world’s equity, currency, interest rate and commodity markets in a low cost and tax efficient manner across a number of different markets and jurisdictions”.

Former finance minister Charlie McCreevy joined the board of Worldspreads in March 2011.

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AIM is the fucking wild west.

Arguably smarter to bet on slot machines.

Kiss o death that shortlist. … 75820.html

This should be in that corporate bullshit section in the piston

Not a “new” paradigm, a very fucking old one. … 16719.html

Ah Yeah but this is Ireland where even that cunt 2Pack has a constitutional right to the upholding of his “good name” Grumpy. :nin

Spewing shite like that when he knew what he knew was pathetic.

I does believe that they cannot be construed as forward looking statements within the meaning of the misc.securities acts Grumpy. Those kinds of PRs are but an expression of love, spat out at short notice by a PR Bunny, for those who are left behind when a great one leaves.

McNeile signed off on a bullshit PR which he never should have.

All the P.R. in the world can’t counter balance a delisting,

Responding to an earlier comment, yes AIM is the wild west. Its supposed to be - but it plays a valid role for smaller companies that would not other wise have access to public market equity financing - but its hardly an appropriate place for private investors to put their money at the best of times.

There are just to many of these spreadbetting companies nowadays, all competing for crumbs as margins have collapsed. The biggest part of their business (FX), then also competes with many many plain vanilla FX trading platforms, Saxo / FXCM etc etc. Its a real dog eat dog industry, becoming massively overcrowded last few years.

A pattern emerging here. MF Global accounts come to mind.

Spread betting firm risks being struck off … it/a589460 … 00496.html

So the FSA and the company know about the irregularities since January. Not quite as bad as over here then but solidly bad.
However … 51043.html

and yes, as I said,

Muck gets muckier


So the finance director and ceo hid a load of stuff from Ernst and Young…a company that could find nothing wrong with Anglo…and from their nonexecs. Quelle surprise if you are trading client funds on your own account and producing false accounts for a number of years.

I was wondering the other day why Ernst and Young the home of the famous ‘Compliance’ ‘Expert’ Alice Kramer, she of the recent NAMA email forwarding saga, was getting off scot free with this failure and then… … -1.1377102

I am sure the great man sighed when he heard who the defendents were…again. But he allowed the case to go on his list.

Spread-betting firm posts losses of €1m following licence suspension - Gordon Deegan → … 77680.html