Worldspreads suspends shares?

[tim3]

Conner Foley statement;



A statement issued by a Dublin public relations firm yesterday said Mr Foley "wishes to make clear that the first he learned of these issues (the financial irregularities) was on Friday morning last, at the same time as the rest of the board".

"His decision to step down as CEO earlier last week was completely unrelated."

So he did not know what was going on in his own Company then?

 

[amac40]

I have emails from last October which show that Conor Foley clearly was aware there were issues at WS which he is now trying to distance himself from. I wonder what City of London police will make of it?/QUOTE]

Come on then, dont be shy

lets see them

This one is from 24th September 2011 and was sent to Foley and Dominic Bacon


"Dear Conor

Please find attached my weekly statement which clearly shows the 6 £5000 transactions back to my card on Thursday morning.



I think you will agree that this is a clear misrepresentation and this will have severe implications if this escalates either in the court or media.



Financial service companies can not work in such a devious manner."

 

[amac40]

I have got others as well which show that Foley, Bacon and Mcneilie all were aware that there was something going on. They either chose to ignore or knew about it.

 

[scose-no-doubt]

banks, newspapers, spread betting... is there any industry where the CEO knows what's happening within the company?

 

[the hare]

banks, newspapers, spread betting... is there any industry where the CEO knows what's happening within the company?

extortion, prostitution, drug cartels, money laundering. Most of the people running those operations tend to have their finger on the pulse. Most legitimate companies are run by buffoons.

 

[Mornington Crescent]

This one is from 24th September 2011 and was sent to Foley and Dominic Bacon


"Dear Conor

Please find attached my weekly statement which clearly shows the 6 £5000 transactions back to my card on Thursday morning.



I think you will agree that this is a clear misrepresentation and this will have severe implications if this escalates either in the court or media.



Financial service companies can not work in such a devious manner."

shows nothing at all

I could have typed that

got anything else ?

 

[dealer911]

shows nothing at all

I could have typed that

got anything else ?

could we see the responses ?

 

[stevespray]

could we see the responses ?

It would also be useful if you could outline the context of the problem which you were having with WS at that time, what was the nature of your complaint?

Steve.

 

[amac40]

Mornington Crescent

I can assure you that I did not make it up!!
I have got loads of emails from Bacon and Foley. They are all quite long winded hence there is not much point posting.

I think that is part of the fraud trying to deflect as much away from the situation at WS and trying to make up all sorts of reasons why they werent paying up.

 

[stevespray]

amac - Could you please outline the initial subject of your complaint, what were you unhappy about?

Cheers,
Steve.

 

[amac40]

stevespray

My wife deposited £1500 at TWS after 4 weeks it is over £30000. She asks for her money back. Accounts say they have sent it and it comes up on her statement that it has been sent(6 x £5000 to "avoid security" my wife was told). 30 hours later she gets an email form D Bacon counsel at WS saying the money hadnt been sent and now he was having an investigation as he believed there were "manifest errors" and that I had been doing dealing on her account.

Surprise surprise no manifest errors were identified and they admitted they couldnt prove who was doing dealing. Remember at no stage whilst she did 600 trades was there any questions. asked.

So it then goes to FOS who take ages during which time WS write the balance down to £0 on her account.

FOS were just about to rule on the matter but this is 6 months after the whole thing started so it is a very nice way for WS to hide losses.

I wrote 4 emails to FOS telling them to get FSA to investigate WS but they refused.(these emails go back to last year)

I have now gone directly to FSA so we will see what happens

 

[stevespray]

So if there were no manifest errors and they couldn't prove who was trading the account then why did they further withhold payment to you?

 

[amac40]

Probably because they knew that the FOS takes months to rule and in that time they have a £0 balance on their ledger rather than client owed £30000.

Obviously I dont know- but if they did something similar to other people asking to be paid out decent amounts you quickly have a balance sheet which looks ok but in fact has underlying liabilities. You then get the ponzi scheme bit - eventually they payout to old client but have replaced it with the next batch of people wanting paid out.

If you think about it by zeroing credit balances for a period of time is an excellent way of maintaining an illusion ! I am not sure auditors would see through it.

 

[stevespray]

I can see your point but surely even the FSA / FOS are going to smell a rat if many different clients get in touch all telling the same story?

It would also be very hard to keep £13m of liabilities 'under wraps' in this manner without it coming out on to forums like T2W. It certainly is an interesting theory though. The truth is however that the accountants recognised that WS clients had funds placed with the firm to the tune of almost £30m. Keeping disputed pay-outs out of the equation would reduce their client liability but it wouldn't explain how they were able to demonstrate to E&Y that they were correctly holding £30m in a segregated client funds account when in fact they had no where near that amount in client funds?

 

[tradeany]

So when and where do E & Y have to explain the situation?
If the total value of the clients accounts (notwithstanding some "off balance sheet" ones) was so easy to be calculated last week, how difficult is it for an auditor to balance that value to trust/segregated
bank accounts?
Seems pretty basic to me!

 

[amac40]

I agree £13m is a lot but the fact is that they did it somehow. I am sure my wifes situation is tiny. The fact is they had 5000 active clients and probably a lot of them wouldnt realise that they had been told a story if they asked for their money.

We were threatened on several occasions if we published anything then they would sue us! That included their final response letter that you need to get FOS to start investiagting

 

[stevespray]

So when and where do E & Y have to explain the situation?
If the total value of the clients accounts (notwithstanding some "off balance sheet" ones) was so easy to be calculated last week, how difficult is it for an auditor to balance that value to trust/segregated
bank accounts?
Seems pretty basic to me!

There was talk in last nights London press that the City of London Police would officially be called in. At that point I'm guessing that the accountants would have to declare how they arrived at the report which they signed off. I think we can safely assume that the accountants themselves have nothing to do with the fraud so therefore we can equally assume that they have also had the wool pulled in some way, shape or form. It's the nature of how WS achieved this which could well turn out to be the 'smoking gun'.

 

[stevespray]

I agree £13m is a lot but the fact is that they did it somehow. I am sure my wifes situation is tiny. The fact is they had 5000 active clients and probably a lot of them wouldnt realise that they had been told a story if they asked for their money.

We were threatened on several occasions if we published anything then they would sue us! That included their final response letter that you need to get FOS to start investiagting

With regard to their 'Final Response'; What did they say in terms of your funds if they admitted that there were no errors made in terms of the individual trades? Surely an admission of no errors means that simply have to pay up?

 

[scose-no-doubt]

How are we to know that you segregate client funds mr Ibet?

For all we know you could be just as full of tripe as WorldSpreads. If you're going to attempt to drum up business on the back of other people's misfortunes you need to at least have a decent sales pitch rather than one knocked up in 10 minutes by a grad.

 

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N