WorldSpreads, an AIM-listed operator of online and phone betting services based in Dublin, was placed in administration late on Sunday after the Financial Services Authority (FSA) uncovered “accounting irregularities”. It is believed that the company broke the golden rule that client money should not be “co-mingled” with company money. Administrators KPMG said the clients were owed £29.7m, which should have been held in a segregated customer account, but that the group’s total cash balance – including “segregated money” – was just £16.6m. The police have been alerted over suspected criminal action. The development ... (full story)