Irish-controlled financial spread-betting company WorldSpreads has a £13m (€15.65m) black hole in its accounts which will result in serious losses for clients of the London-based firm.

Customers of a spread betting firm are likely to be left seeking compensation after an estimated £13m black hole in its accounts was revealed today.

Financial spread betting company WorldSpreads Group suspended its shares from trading yesterday over possible financial irregularities were identified two days after the sudden resignation of its chief executive and co-founder.

Conor Foley has stood down as chief executive of international spread-betting firm Worldspreads with immediate effect and has resigned from the board of the company he co-founded 12 years ago.

Dublin: Financial spread betting company WorldSpreads reported a pre-tax loss of close to €800,000 for the year to the end of March.

FORMER finance minister Charlie McCreevy has been appointed to the board of online spread betting and share trading firm, Worldspreads as a non-executive director.

Former finance minister Charlie McCreevy has joined the board of financial market trading company WorldSpreads.

WORLDSPREADS, the Irish-founded financial spread betting and online share trading service, has stated that it is likely to make a loss in its current financial year, rather than a profit as initially anticipated.

DUBLIN-based spread trader WorldSpreads yesterday reported a pre-tax loss in the first half of €440,000.

WORLDSPREADS, the financial spread betting and online share trading service, has reached agreement over the sale of its Irish division, for nearly €10 million, to some of its existing management team.

Spread betting firm Worldspreads has agreed to sell its Irish arm to the local management team, the company said in a statement today.

THE financial spread betting company WorldSpreads has confirmed reports that its management is trying to buy out its Irish division.

FINANCIAL spread betting firm WorldSpreads said it has set up operations in Bogota, the capital of Colombia, as part of plans to expand its presence and revenues in central and South America.

WorldSpreads Group has announced it’s full year s results for the period ending march 31 2008, revealing a large increase in turnover.

IRISH financial spread-betting group, WorldSpreads, has announced that it will begin trading on Dublin’s IEX market next month.

Spread-betting company Worldspreads, currently listed on the AIM market, is considering adding its listing to the IEX (Irish Enterprise Exchange) in the coming months.

SPREAD betting company WorldSpreads raised £5.77m (€8.6m) after floating on London’s AIM stock market yesterday.

WORLDSPREADS founder Conor Foley will see his stake in the spread betting firm reduced to 18% when the company floats on the Alternative Investment Market next Wednesday.

NEARLY 70% of people from Cork do not understand how the stock market works.