Anticipated Client Loss for Neonet
August 22 2011 - 5:58AM
Business Wire
Due to suspected fraud in Norway Neonet could make a bad debt
loss of up to SEK 4.7 million. Neonet has taken legal action to
protect its interests.
Neonet has requested and been granted sequestration of the
customer and its Chairman of the Board's assets. It remains unclear
whether there are assets to exploit the bad debt in whole or in
part.
“We see the incident as an isolated event where we have taken
action. Operations and other customer relationships are unaffected
by the incident,” said Neonet Securities AB's President Fredrik
Lindqvist.
About NeonetNeonet is a global agency broker that offers
professional market participants independent, high-speed execution
services based on advanced trading software solutions. Neonet’s
state-of-the art execution technology provides connectivity to
markets across the EMEA, Americas and Asia-Pacific regions.
Neonet’s services include a comprehensive execution management
system, advanced trading algorithms, smart order routing, market
data services and a 24-hour trading desk for manual execution and
support. Neonet serves clients in over 25 countries. Clients
include banks, brokerage firms, institutional investors, hedge
funds, asset managers and trading venues. Neonet Securities is an
Orc Group company. Orc Group is publicly traded on Nasdaq OMX
Stockholm (SSE:ORC).
For further information, visit www.neonet.com
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