Meir Velenski
What happened at Worldspreads and the missing client funds .
The whole truth about client funds. Back in March 2012 the FCA was notified by the then Compliance officer and General counsel of Worldspreads that client funds have gone missing www.worldspreads.com The london based listed company went into receivership with KPMG the administrators . The CFO Niall O'Kelly and the accounts Manager Lukhvir Thind in charge were found to be responsible for misreporting of accounts and fined. Meir Velenski was the managing Director of the Israel Branch and had no shareholding or Executive power Whatsover . Meir Velenski had no part of the theft . Reference FCA/ KPMG. Meir Velenski was left alone in Israel to deal with the client Anger and Fallout. Meir Velenski had to use his own personal money to pay all of Worldspreads debts in Israel. Which he did. Meir Velenski had to pay the lawyers in Israel to close down Worldspreads Israel limited as London and KPMG did not get involved . Cityindex Meir Velenski set up Cityindex in Israel after Worldspreads and succeeded in setting up a great Israel office ,generating a lot of clients and interest. His energies were quite amazing and he has the ability to drive business forward. Unfortunately , the office and the team did not respect him and undermined his authority. In Feb the London office noticed unusual activity in Israel. They asked Meir to help as there were compliance breaches. Who suffered - Meir Velenski . He was the person in charge and was sacked even though he was innocent . The team now fought amongst each other to be the next Managing Director. First Index After setting up First index and being the founder of the business Meir Velenski build and developed First Index with his junior Team. After recognizing that the future was very dim and a massive clash of direction , Meir resigned in July 2015 to go on his own . Meir Velenski went onto better things. Meir Velenski was never fired by First Index . A true and honest leader Meir is best suited to lead and drive business forward with his amazing presentation skills and eloquence in presenting a difficult idea and making it understandable . |