Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

WorldSpreads To Be Shut Down By The FSA

|Includes:ACI Worldwide, Inc. (ACIW), AMP, AMTD, AMZN, BAC, BCS, BGCP, BK, BTFRF, C, CM, CME, CS, DB, DJ, EBAY, EPI, ETFC, FTGI, FX, FXCM, GCAP, GE, GOOG, GRA, GS, HSBC, IAPLF, IAPLY, IBKR, IFN, IGGRY, IIF, INDY, JPM, KCG, LUK, MCQEF, MNXBF, MNXBY, MS, MSFT, NWS

FSA unable to sell WorldSpreads, will return cash to clients.

Worldspreads logoThe FSA will formally announce Monday morning that it has placed WorldSpreads in its Special Administration Regime (or "SAR"). After a weekend spent going through WorldSpreads records and accounts, and the unwillingness of any other firm to buy WorldSpreads, the FSA and special advisor KPMG decided to wind down WorldSpreads' operations, and return as much cash as possible to clients.

As we reported yesterday, sources including the Financial Times report that as much as £12 million in client money is missing.

For more details see LeapRate's Forex Industry News at leaprate.com.

Get the LeapRate-DJ FIR today ad bb