Worldspreads sues Auditor

Tuesday April 30, 2013 : WORLDSPREADS SUES AUDITOR FOR NEGLIGENCE (Update)

Ernst & Young did not pick up millions in shortfalls between 2007 and 2011, claims management

Business services and accountancy firm Ernst and Young is being sued by financial betting company Worldspreads for alleged negligence over its auditing services, reports the Irish newspaper The Independent.

The betting company was at the centre of a major financial scandal which resulted in its activities being suspended late last year.

WorldSpreads claims it could not continue to trade after a shortfall was allowed to grow over a number of years in its client account balances, which may exceed GBP 22 million.

It was unable to comply with UK Financial Service Authority (FSA) regulations and led to its board putting the company into special administration in March last year.

Management claims that Ernst & Young was negligent in the performance of its services and obligations to WorldSpreads Ltd in connection with audits carried out between 2007 and 2011.

The case was transferred to the Commercial Court this week by Mr Justice Peter Kelly on consent between the parties.

WorldSpreads Ltd is registered in the UK and a wholly-owned subsidiary of WorldSpreads plc, which is registered in Ireland. Ernst & Young's office in Dublin was engaged to carry out audits under the FSA’s supervision rules.

WorldSpreads Ltd alleges that Ernst & Young issued unmodified opinions on its financial statement audits from Mar 2007 which although they provided a list of breaches of the regulations, also stated WorldSpreads Ltd maintained systems to comply with the relevant FSA “client asset sourcebook” rules.

However, in Mar 2012, as a result of disclosures by WorldSpreads Ltd’s finance controller, the company became aware there was a substantial GBP 22 million shortfall in the amount of client money which ought to have been held in a segregated account.

MLB Odds: Yankees vs. Jays at Rogers Centre - The Toronto Blue Jays (56-61, –14.26 betting units) are moving slowly up the AL Wild Card standings, and they can get closer to the Promised Land by beating up on the injury-plagued Tampa Bay Rays (59-60, –2.79 units). Game 2 of their four-game series is Tuesday at 7:07 PM ET on Sportsnet.

2017 ACR Moss Sign Up Bonus - The ACR MOSS kicks off this Sunday, August 13th at 1:00pm ET. If you’re new to the MOSS, it’s the Mini Online Super Series and the first part of our $6,700,000 GTD OSS Cub3d series.

New Microgaming HQ Opens - Microgaming’s new purpose built HQ on the Isle of Man, adjacent to its existing office, officially opened on 31 July 2017.

EmotiCoins Slot Launches - EmotiCoins is hosted by a crew of cheerful Emoticons that take you on a delightful ride of emotions. Watch the cheeky faces playfully bounce down the reels amidst bright, rich colours and a delightful sound track.

Oink: Country Love Slot - Willy & Chancho are trying to win over the heart of the Sweet Country Pig, Miss Southern Charm... although her father old 'Bo isn't too pleased even the rest of the farm is falling for this Wild Duo! Willy & Chancho the 'Wild Dueling Musicians' have single pays as well as Collaborative Pays during Wildly entertaining Banjo VS Violin showdowns. Win up to 80 Free Spins if you land the Golden tickets to the Barnyard Bash Free Spin Feature! During this Feature the Wild Duo appear even more frequently to ensure it's a spectacle you will not forget, heck, the party may never end with the potential to retrigger keeping you on your toes. This wild treat is available on both Desktop and Mobile devices.

PartyPoker Lobby and Table Update - Partypoker releases first phase lobby and table upgrade for an improved player experience. Player feedback influences new darker colour scheme of partypoker client

Bitstarz Launches SlotWars - BitStarz - the home of thrilling casino tournaments just launched Slot Battles with 48 battle rounds being played every day!

MLB Odds: Yankees-Jays at Rogers Centre - At 52-59, the Toronto Blue Jays need a win this Tuesday (7:07 PM ET, SNET) when they host the 59-51 New York Yankees in their series opener. JA Happ is scheduled to start for Toronto against fellow southpaw CC Sabathia, who owns a team record of 2-1 versus the Jays.

Mega Joker Slot - Mega Joker is a game that classic Vegas casino fans will welcome, thanks to its beautiful simplicity. It is a nice break from the complexity that comes along with bigger, more elaborate online slots games.