BGC Says It Discovered $35 Million Theft of U.K. Tax Payments

BGC Partners Inc. said it is pursuing two “individuals associated with the company” after uncovering the theft of $35 million intended for U.K. tax payments.

The inter-dealer broker said last week the theft occurred over several years and it expected to recover much of the loss through insurance and further litigation. BGC didn’t say whether it had filed a lawsuit or contacted law enforcement officials.

Answering analyst questions on an earnings call last week, Chief Financial Officer Steven Bisgay called the event “unfortunate,” but didn’t comment further. The company said the theft didn’t involve the company’s business or operations.

A spokesman for BGC and U.K. tax authorities declined to immediately comment Tuesday. The FT reported on the theft earlier.

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