Belfast Telegraph

Irish stockbroker Bloxham forced to close after accounting errors

A liquidator has been appointed to one of Ireland's oldest stockbrokers after the firm was forced to stop trading over a 5 million euro (£4 million) accounting blunder.

Bloxham's 150-year-plus tradition on the Dublin trading floor ended on Monday and now the company is facing an orderly wind-down.

Kieran Wallace of accountancy firm KPMG has been appointed by the High Court to oversee the complete closure and contact all creditors.

A judge was asked to sign off on liquidation proceedings following an application by some of the Bloxham partners.

Bloxham was found to have financial errors in its returns going back five years after industry watchdogs raised the alarm last Thursday.

It is believed the stockbroking firm was holding assets in reserve which should have totalled more than 5 million euros, not as reported. No client funds were put at risk by the financial misreporting.

The financial partner, named on the Bloxham website as Tadhg Gunnell, was suspended with immediate effect.

The Irish Stock Exchange cancelled Bloxham's membership and the Central Bank of Ireland, which first raised concerns, has launched an inquiry into the affair.

The Central Bank said it had been advised by the liquidator that the transfer of client assets to rival stockbroking firm Davy will not be affected by the wind-down.

Belfast Telegraph

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