Bloxham Stockbrokers

Bloxham Stockbrokers
Industry Stockbroking
Headquarters Dublin, Ireland
Key people
 Pramit Ghose (Managing Partner)

Bloxham Stockbrokers was the oldest Irish stockbroking firm and were members of both the Irish and London Stock Exchanges.[1] It was a founder member of the Irish Stock Exchange.[2]

Bloxham claimed to be Ireland's largest independent stockbroker, with most of its clients (by number) being retail investors. The firm provides both stockbroking and wealth management services to private and institutional clients.[3]

Financial irregularities

On 28 May 2012, the Irish Central Bank released a statement that it has ordered Bloxham stockbrokers to cease all regulated activities following the discovery of "financial irregularities" at the securities firm which went back to 2007.[4] The Central Bank had earlier begun an unprecedented investigation into all stockbroking firms.[5]

As a result Bloxham agreed to transfer its asset management business to Davy Stockbrokers, who earlier in March 2012 announced it had also acquired Bloxham's private client business. The issues, discovered during the week ending 25 May and reported to the Central Bank on Thursday 24 May, related to overstating of income over four of the years 2007-2012.[6]

Bloxham announced it had transferred all its private client and fund management business to Davy's as a result of these so-called financial irregularities.[7]

The Central Bank of Ireland refused to answer questions about regulatory failure or confirm that it will publish a report outlining what went wrong and how to make sure something like this does not happen again. They did not refer anyone to the Gardaí or the Director of Public Prosecutions.[8][9]

References

  1. ↑ see http://www.bloxhams.ie/about/
  2. ↑ "Bloxham suspension may impact on Irish Stock Exchange holding". RTÉ News. 29 May 2012.
  3. ↑ see http://www.bloxhams.ie/documents/bloxham-pillar-3-disclosures-2009-06-30.pdf
  4. ↑ http://www.centralbank.ie/press-area/press-releases/Pages/CentralBankofIrelandStatement-Bloxham.aspx
  5. ↑ "Bloxham closure: Watchdog probes all stockbroking firms". Irish Independent. 2 December 2012.
  6. ↑ Carroll, Steven (28 May 2012). "Bloxham ordered to cease trading over 'irregularities'". The Irish Times. Retrieved 28 May 2012.
  7. ↑ "Financial irregularities found at Bloxham stockbrokers". RTÉ News. 29 May 2012. Retrieved 29 May 2012.
  8. ↑ "Regulators turn away queries on stockbroker citing 'confidentiality'". Irish Independent. 17 October 2013.
  9. ↑ "Bloxham report 'with bank' but no referrals sent to gardai or DPP". Irish Independent. 17 October 2013.