THE downfall of spread better WorldSpreads stemmed from problems reaching back several years.
Barriers between client funds and those used by the company for its own account were first breached at least three years ago, according to sources close to the matter. However there is no evidence yet whether the breaches were systemic and there is a case to answer, the sources added.
(SRC Express)
How can breacking the rules for three years and dipping into client funds for all that time,with the losses getting deeper and deeper not be regarded as "systemic".Of course there is a case to answer.All the accounts and trading statements were a complete pack of lies for THREE years.How can anyone say "there is no evidence yet that the breaches were systemic and there is a case to answer".
ReplyDeleteAm I in some sort of parallel Universe.
The FSA have been lied to for THREE years.
The Auditors have been lied to for THREE years.
The Stock Exchange has been lied to for THREE years.
The Clients have been lied to for THREE years.
And now there is a loss of clients funds of £13million just 2 weeks after the company issued a statement saying it had a strong balance sheet with £6m net of thier own money in cash.
Of course there is a frigging case to answer.
If it is true that this fraud had been going on for three years then the FSA, Ernst and Young and the non executives haven`t got a leg to stand on.
ReplyDeleteThey just all failed to do their jobs.
why dont you all take a look at who ran worldspreads. 1. head of operations, 2. head of derivatives. all senior figures who went to worldspreads 3 years ago from pacific continental and square mile securities. how on earth could the fsa allow these people to get regulated again after what they said to those companies. At the same time us poor clients get taken again by these people. How much more time do they need. This is a major scandal that everyone wants to hush up because they cant admit they were wrong.
ReplyDeleteIf the initial statement turns out to be true then the City of London Police will certainly be called in and they'll be forced to act. This is rapidly turning into a major City fraud. I wouldn't want to be a Worldspreads director right now!
ReplyDeleteWe must all push for real action against these people.
ReplyDelete