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SEGOES insolvency may exceed US$15 m

The amount of client funds misappropriated from offshore stock-broker SEGOES Services Ltd. may exceed US$15 million, according to the first interim report to creditors. That is how much was transferred from a group account "to a beneficiary as yet unidentified" on November 17, 2004, stated Kenneth Krys and Christopher Stride, whose status changed from joint provisional liquidators to joint liquidators on May 20 after it was determined the SEGOES group could not continue as a going concern and should be wound-up.