Worldspd Share Discussion Threads

[mountpleasant] 23/7/2012 21:44

The directors. Have they started another spreadbetting company?

[old giggleswickian] 03/7/2012 18:27

I think one person may struggle with the bit where they expect you to be honest:-


steveglobal4 - 18 Mar 2012 - 16:46:52 - 227 of 586
i have had to cancel everything next week, it was going to be the best week ever, I had a 90 minute 458 ferrari, track drive with ferrari instructor paid for by ferrari, also had goucho polo event with ig and was going to get me picked up on a sunseeker to take me to the 02, the week is wrecked.

steveglobal4 - 19 Mar 2012 - 11:32:38 - 7259 of 8404

Grabster, you have me all wrong, I drive one on my rental vans from work, no ferrari or mclaren here,
I thought i could try and make some money here.


Maybe steveglobal4 should pay compensation to the liquidator for the subsequent loss that he did not have on TAN. Hope the school bursar wasn't taken in either.

[mattjos] 03/7/2012 17:51

Filled it all in today & attached copies of Statements from WSPR & screen prints i took on 19/3/12 of the account as supporting evidence.
Scanned it in as a pdf file and sent it off .. took about 10 mins. Seemed simple enough to me

[taximania] 03/7/2012 17:30

Yep i did , why tortuous...every time i get my hopes up you dash them with a remark :-)) was hoping for plain sailing from now !

[miata] 03/7/2012 08:05

You should by now have received details of the tortuous FSCS claim procedure.

[lift and shift] 15/6/2012 15:07

I have today spoken to someone at KPMG with regards to progress & to find out where we currently stand. He was very helpful & informative, in short:-

All agreed statements are now with the FSCS who will be contacting clients, expected within the next two/three weeks.

FSCS have indicated to KPMG that they expect all retail clients will be paid out in full (up to the limit of £50k) more imortantly the FSCA are expecting to have all accounts settled by September.

[taximania] 28/5/2012 15:20

We are still in discussions with the FSCS with regards to the specifics of the claims process, and will be sending an update to clients, such as yourself, once a decision has been made. Details about the FSCS process are on their website www.fscs.org.uk and will shortly include a further update relating to the claim process for WorldSpreads Limited.



We are expecting to publish an update on our website (www.kpmg.co.uk/worldspreads) regarding the creditors' meeting held on May 23rd during the course of this week

[miata] 25/5/2012 16:52

It should be the former (WorldSpreads entered the Special Administration Regime on 18 March 2012 - the FSCS is supposed to pay out within six months).

The administrators hope to begin payouts to creditors in September.

The administrators intend to pursue several high-stakes clients for £2.5m of losses on losing bets and have not ruled out action against E&Y.

[nasdaq_investor] 25/5/2012 16:39

For clarity does anyone know whether FSCS will pay out before KPMG do a distribution or is it vice-versa?

[taximania] 22/5/2012 22:36

17/10 wow 5 months away...glad all my money wasnt in this account !

[miata] 22/5/2012 17:35

Meeting tomorrow, report 17/10/12.

[taximania] 22/5/2012 11:46

anyone heard anything ...seems to have all gone quiet.

[lennonsalive] 07/5/2012 09:40

Ian, No.

However, crooks are crooks. I dont expect these crooks to take any sort of responsibility, give honest answers or say sorry.

They crossed the line with what they did and made a choice.

No doubt they will be back, opening companies in their spouses name's etc...

[miata] 06/5/2012 18:18

10 months.

[old giggleswickian] 06/5/2012 14:42

Lennonsalive,
Do you expect Messrs Saunders, Ronson, Lyons and Parnes to agree with you?

Ian.

[lennonsalive] 06/5/2012 08:50

Mattjos has hit the nail on the head

[and then] 04/5/2012 21:34

Sounds about right Mattjos...

[mattjos] 04/5/2012 21:09

as per:

- Creditors, be they preferential or ordinary, receive zilch
- Culpable Directors, pockets suitably lined, slope-off stage left with nothing more than a wrist-slap & with their eyes already firmly on the next scam they have well in motion
- Auditor hides behind their Terms of Reference caveats & points the finger vaguely elsewhere
- Administrator's 'clock' keeps running & they first skim their take from any receivables that can be collected and turned into cash, particularly as in this instance they know 90%+ of the account holders will be recompensed by the FSA
- Any resultant 'drains-up' will prove a meaningless waste of time and money on which the 'professionals' will feast even further while preeening themselves in the passing media spotlight
- WSPR's market advisors will continue to pump up other such listed entities to investors, take fees from these actions and care little for either the accuracy or honesty of their forecasts

I have never seen or heard of any such company failure here in the uk where the perpetrators are 'reasonably' bought to task and genuinely made to pay for the extent of their fraudulent actions.

Meanwhile, other would-be such crooks and fraudulent company directors take comfort from the inevitable outcome and continue behaving in the same vein, safe in the knowledge that there is never any punishment no matter how bent they are or, how much they defraud.

Welcome to the grand banquet that is the Companies Act & all those players that royally feast upon it each & every day.

[miata] 04/5/2012 19:14

A meeting of creditors and clients of the Company will be held at

the Methodist Central Hall,
Storey's Gate,
London,
SW1H 9NH

on 23 May 2012 at 11:00am, to consider the Joint Special Administrators' Proposals and to decide whether to establish a creditors' committee comprising representatives of clients and creditors.

Proposals:




£10.9 million has been identified, of which £7.7million has been received.

The Administrators have charged £903,000 so far, at an average hourly rate of £408.24.

Funds held in client accounts will repay 10-15% of the amounts due. In addition
a further payout to unsecured creditors is envisaged to be 20p per pound.

The directors believe that fixed assets shown in the accounts at £1.6 million would realise £15,000 and that bank accounts in the books at £31.5 million would realise £16.2 million.

About ninety clients are owed more than the FSCS limit, with two believed to be owed over a million pounds.

The FSA has said it plans to increase scrutiny of spread-betting companies and other firms that hold client funds after the demise of WorldSpreads, MF Global and Pritchard Stockbrokers.

The Pritchard creditors meeting will take place at 11.00am on 14 May 2012 at the Royal Festival Hall in London. Pritchard proposals for comparison:


Next Administrators' report 17th October 2012.

[old giggleswickian] 02/5/2012 09:52

It is interesting that there seems to be a focus here on the actions of the auditor, possibly on account of their national prominence but little is being said about:-

"Several clients allege that much of the missing money was lost through an illegal scheme to support the company's share price. The people say that managers of the company encouraged wealthy clients to take leveraged long positions in Worldspreads stock, promising to indemnify them against any losses.
The company then bought the corresponding shares in the market, allegedly using other client funds to make up the difference between the wealthy clients' bets and the cost of the shares. Worldspreads did not force the clients to make good on their losses when the share price fell – but KPMG, the special administrator, may pursue these clients for the outstanding amounts."


The last time I remember this sort of thing going on a couple of people went to prison but the really good news was that one of them became the first (and only) person to recover from Alzheimers.
History tells us that accountants are rarely blamed for the actions of dubious company executives but if I was one of these wealthy clients I would be reading books on how to survive in prison, assuming that I hadn't been to Public School.

Ian.

The thought of steveglobal4 being involved in a share support scheme is priceless but unlike him I shall refrain from suggesting this is the case without a scintilla of evidence.

[notanewmember2] 02/5/2012 07:20

May I quote from Jack Schwagers "Stock market wizards". I have all three books.

Dana Galante (legendary short seller, double digit returns in bull markets by only using short positions.)

Another hedge fund manager I interviewed who also does a lot of short selling said said that the value of audits on a scale of 0-100 was zero. Do you agree?
Yes.

Even if it's a leading accounting firm?
Oh yeah.

[miata] 01/5/2012 18:14

It will be interesting to see what emerges, if millions were removed from segregated accounts after the last audit then the auditors will not be liable, if however they did not satisfactorily complete a verified reconciliation of client account balances to segregated bank account balances during the audit before signing the last accounts they may have a case to answer.

One doesn't need to be a bloodhound to verify bank balances and it would be difficult to defend not doing so if indeed this was shown to be the case.


"The revelation of the extent and longevity of the alleged fraud will add to the pressure on Ernst & Young, Worldspreads' auditor, over its apparent failure to detect the irregularities."