The Rot At Bloxham

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Bloomberg reports:

Regulators are investigating the “reporting and accounting of the firm’s income, which was overstated over a number of years,” the Dublin-based company said in a statement today. No client funds are involved or at risk, according to the company.

Tadhg Gunnell (above) the firm’s finance and compliance partner, has been suspended, according to four people with knowledge of the probe, who declined to be identified because the person has yet to be publicly named. The probe will stretch back to 2007, three of the people said.

“The remaining partners in the firm, who were unaware of these issues, have asked a firm of forensic accountants to verify the position and assist in further investigations,”

Bloxham said in a statement the firm’s financial partner has been suspended, without identifying the person by name. Calls to Gunnell’s home and office telephone numbers and an e- mail weren’t returned. The 36-year-old joined the firm in 2000 from Deloitte in Ireland, where was a manager in audit and assurance.

Bloxham Suspends Operations Amid Probe Into Irregularities (San Fransisco Chronicle)

Meanwhile, Simon Carswell of The irish Times on the story:

httpv://www.youtube.com/watch?v=BmjfhhkLdpo&feature=player_embedded

Bloxham Halts Regulated Activities Over ‘Irregularities’ (Steven Carroll, irish Times)

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