What is "worldspreads"

Worldspreads was a financial spread trading company registered in Ireland but operating from London that offered trading on financial markets. The company became bankrupt in March 2012 after it was reported that the company did not have enough funds to meet its client liabilities. There were reports that it had been misusing client funds and not keeping them segregated as required under its license, possible for a number of years prior to its demise. The failure of the business generated criticism of regulators and auditors for not having spotted the activity.