Intrade Shuts Down After 'Financial Irregularities'

The New York Times reported that online wagering site Intrade, which allows customers to place bets on events such as political elections, suspended its operations and froze accounts because of “significant financial irregularities in the internal accounts.”

The company said that “during the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.”

“We appreciate your custom and support over the years,” the statement added. “We are committed to reporting faithfully the status of things as they are clarified and hope you will bear with us as we do all we can to resume operations as promptly as possible.”

The development comes a few months after the Irish online betting firm was sued by the federal government over its prediction market business.

The Commodity Futures Trading Commission has accused the firm of violating its “off-exchange options trading ban” and filing false forms. It has been said that the firm operates in a “gray market.” The government took issue with it taking action on the price of gold.

Intrade was founded in 1999.

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