WorldSpreads enters administration after shortfall

FRANKFURT (MarketWatch)
Financial spread-betting firm Worldspreads Ltd. moved into administration in Britain over the weekend after discovering accounting irregularities on Friday
A statement posted on the firm's website said Britain's High Court had appointed Jane Moriarty and Samantha Bewick of KPMG LLP to serve as special administrators of Worldspreads Limited, which is a wholly-owned subsidiary of Dublin-based Worldspreads Plc.
Shares of the firm were suspended Friday
News reports said the company's directors believed there was a shortfall of around 13 million pounds ($20.6 million) in customer accounts
 In a statement, Britain's Financial Services Authority said the administrators will review client cash holdings and return as much cash as possible directly to each client "as soon as practicable," but noted that customers "should be aware that any shortfall in the client money accounts will impact the amount of money that can be returned."