Worldspreads in turmoil – sale or bankruptcy next?

Worldspreads in turmoil explained by professional Forex trading experts the “Worldspreads in turmoil” FX trading team.

Worldspreads in turmoil

Ireland-based Worldspreads, one of three publicly traded (in London) financial spreadbetting companies, had its shares suspended from trading on Friday. Worldspreads CEO Conor Foley abruptly resigned from Worldspreads on Wednesday, which followed the resignation of CFO Niall O’Kelly in February. Now-ex-CEO Foley is also Worldspreads’ largest individual shareholder, holding 18% of the company.

As well, the firm’s 5,000+ clients have been unable to withdraw money from their accounts.

The problems leading to the current situation began with CFO O’Kelly’s resignation last month, after Worldspreads announced it would record a loss for the current fiscal year (which closes March 31) due to (it claimed) a number of large successful bets by clients, leading to large payouts. They continued with the unexplained resignation of CEO Foley on Wednesday last week, and then the suspension of shares on Friday due to “accounting irregularities” discovered.

Worldspreads in turmoil Conclusion

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