BBY collapse leaves clients high and dry

On 18 May 2015 stock broker BBY Limited was placed into administration, leading to the closure of BBY clients’ options positions on the ASX and the freezing of client funds.

KPMG has been appointed as the administrator of BBY and is currently investigating BBY’s accounts. Early investigations by KPMG have found evidence of poor financial and accounting systems, and BBY clients do not yet know if they will be able to recover their funds or losses resulting from the collapse of BBY (see http://www.abc.net.au/news/2015-05-29/bby-trust-accounts-missing-money-kpmg-says/6508250).