Alpari founder admits the firm should have closed before crash

 
Tim Wallace
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THE FOUNDER of ill-fated trading and spreadbetting website Alpari yesterday said he should have wound the company down before its collapse last week.

Alpari entered administration this week after the Swiss National Bank removed the franc’s peg against the euro. Clients of the trading site made large losses on the shock exchange rate swings, and when their capital was wiped out, the losses passed on to the firm.

Founder Andrey Dashin told Reuters and forexmagnates.com that he had filed to wind up the company last January. “Unfort­una­te­ly, it now transpires that I should have filed for winding up earlier,” Dashin told Reuters.

“Probably in that case that process would have been completed before the ‘Black Thursday’ of 15 January 2015, when the unprepared­ness of Alpari UK and its lack of any financial buffer caused its collapse and insolvency.”

Clients whose accounts are in credit are still trying to access their funds.

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