£13m black hole at spread bet firm

Gambling tableCustomers of a spread betting firm are likely to be left seeking compensation after an estimated £13 million black hole in its accounts has been revealed.

WorldSpreads, which runs online and telephone trading services, was placed into administration over the weekend after "accounting irregularities" were found.
Administrators at KPMG said the group's 15,000 customers were owed £29.7 million but the group has only £16.6 million of cash, leaving them facing a large shortfall.

However, customers may be reimbursed up to £50,000 by the industry's Financial Services Compensation Scheme, depending on their circumstances.
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