March 6, 2018 / 1:06 PM / 7 months ago

Beaufort Securities administrators freeze 800 mln stg in client assets

LONDON, March 6 (Reuters) - Administrators for insolvent UK broker Beaufort Securities have frozen almost 800 million pounds ($1.11 billion) in client assets, and don't expect to return any before mid-April, they said on Tuesday.

Britain's financial markets regulator on Friday placed Beaufort into insolvency amid concerns over its financial health and its alleged role in a U.S. criminal investigation into a more than $50 million stock fraud and laundering scheme.

Administrators PwC also said in a statement they had ringfenced a further 50 million pounds in segregated client money accounts, cut Beaufort staff to 40 from 120 through redundancy and closed two offices.

$1 = 0.7191 pounds Reporting by Carolyn Cohn and Simon Jessop, editing by Louise Heavens

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