London-based stockbroker Williams de Broe has apparently tracked down the origins of the missing millions in its accounts, according to repo...

London-based stockbroker Williams de Broe has apparently tracked down the origins of the missing millions in its accounts, according to reports in the weekend press in the UK.

Working with forensic accountants, the 136-year-old stockbroking firm believes the anomaly relates to the firm’s settlements desk, where clients’ business transactions are reconciled.

It is believed that the problems were triggered after concerns over delays to payments were privately raised by City regulators. It has been suggested that this led the firm to borrow stock, which caused discrepancies in Williams de Broe's accounts, according to one report in the Observer newspaper.

ING, the Dutch financial services group and parent of de Broe, has already made a ÂŁ56 million ($99 million) provision in its accounts last August.

The investigation has also seen the suspension of John Miller, Williams de Broe's chief executive, and David Whistance, its chief operating officer and former finance director.

Richard Charnock, the former head of the firm’s private client division, is now in charge of the firm, working with Gerrit Verlodt, an ING executive.