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Updates on Intrade Shutdown
Wednesday March 13,2013 : INTRADE SHUTDOWN LATEST - PAYMENTS TO FOUNDER QUESTIONED (Update)
Auditors expressed concerns on $2.6 million in payments
It may be difficult to get to the root of Intrade's "financial irregularities" which caused the shutdown of the company earlier this week because its founder, and the subject of some of the financial questions that have arisen, died almost two years ago whilst trying to conquer Mount Everest.
The UK business newspaper The Financial Times has reported on the latest development in the online prop betting company's trials and tribulations, revealing that prior to the closure the firm's auditors had flagged some questionable financial payments, allegedly to the now-deceased founder John Delaney and totalling $2.6 million.
Intrade's financial records filed in Ireland apparently indicated that there had been insufficient financial recording over the year 2011, and that payments made to Delaney and other, unnamed, "third parties" had not been properly documented, the auditors noted.
The Dublin-based auditors reported that $1.2 million in 2010, and a further $1.4 million in the following year had been paid to Delaney’s accounts without correct documentation and recording. The current directors of the company had all been appointed after the payments, and were therefore unable to assist in explaining the payments, the auditor reported.
What they must have aware of was that the company posted losses of $1.6 million for 2011.
New Racing UK free-to-watch show -
Wake up to Luck on Sunday – join Nick Luck and guests for new Racing UK free-to-watch show. BHA Chief Executive Nick Rust to appear on first broadcast this Sunday
MLB Odds: Stroman Gets the Nod Against Royals -
The Toronto Blue Jays (70-80, –20.18 betting units) begin their final home stand of the 2017 campaign this Tuesday when they welcome the Kansas City Royals (73-76, +2.56 units) to Rogers Centre. Sportsnet has the coverage at 7:07 p.m. Eastern.
Microgaming QuickFire enters Coloumbia -
Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.
Partypoker to sponsor WSOPC Uruguay -
Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.
MLB Odds: Jays Hope to Spoil Orioles’ Visit -
The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.
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Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.
Big Online SLot Win on Ultimate 10X Slot -
At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000
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