Stockbrokers’ costly collapse
The annual report of the fund administrator the Investor Compensation Company Limited (ICCL) published yesterday reveals that while €5.2m has been set aside for out of pocket Morrogh investors, just €2.2m has, to date, been paid by way of compensation to investors.
The Cork-based stockbroking house of W&R Morrogh was closed by the Irish Stock Exchange on 18 June 2001 when a €10m shortfall in funds was uncovered.
