Stockbroker Bloxham ordered to cease trading
Ireland’s oldest stockbroking firm Bloxham has ceased trading, on the orders of the central bank, after the discovery of “financial irregularities.”
Bloxham said that its income had been overstated over a number of years. The firm’s financial partner was immediately suspended and management has hired a firm of forensic accountants to study its accounts.
Rival broker Davy said it had acquired Bloxham’s asset management business, handling assets exceeding 700m euros (£561m) in value. It did not disclose terms of the deal.
Bloxham said client funds were safe and would not be affected.
The broker said it “no longer holds sufficient capital to meet the licensing requirements of the central bank to carry on trade as a stockbroker.
“As a result, on Friday evening last the central bank issued a direction to the firm to suspend trading,” it said.
Bloxham said the sale of its private client business to Davy, which was agreed last year, has been completed