WGI DM brokerage stole several hundred millions from its clients

APA - Austria Presse Agentur
29-06-2006, 16:41

Warsaw (Puls Biznesu) – WGI DM brokerage run double financial books, the experts of Gessel lawyer’s office representing part of WGI clients, believe.

Warsaw (Puls Biznesu) – WGI DM brokerage run double financial books, the experts of Gessel lawyer’s office representing part of WGI clients, believe.

Gessel lawyer’s office works for the so called Group 46 comprising of part of investors who incurred losses after they put their money in WGI DM brokerage. The latter has been announced bankrupt. The clients may receive up to EUR 15,000 of compensation. Investors lost much more, the amounts reach PLN 1m (EUR 245,000) for single company/investor. The majority of the funds has probably been transferred out of the company.

“WGI DM had run double books. That’s why the true financial situation and the true results of the management have been hidden for so long”, Leszek Koziorowski from Gessel lawyer’s office said.

WGI DM reported to its clients a much higher level of their accounts than the level sent to the Securities and Exchange Commission KPWiG. The majority of the funds were sent to yet another company from WGI group – WGI Consulting. The latter is not controlled by KPWiG. Only a small part was transmitted to other entities to be managed, including U.S. Wachovia Securities. WGI management say that at the end of March, WGI had USD 32m on its account in Wachovia. KPWiG doubts this amount. A dozen days ago, the commission decided to freeze WGI accounts in Wachovia Securities.

Another problem is that WGI DM financial report was audited. According to “PB” sources, Ernst & Young audited the report.

(PLN 1 = EUR 0.245)

 

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Podpis: APA - Austria Presse Agentur

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