Intrade Shuts Down Months After Federal Scrutiny

[Cincinnatus]

Wonder who bet on this: Online prediction betting site Intrade has abruptly closed its doors.

The company, embroiled in controversy throughout the last several months, said Sunday night it had stopped trading on its website, a move that comes after Intrade last year said it wouldn’t take bets from U.S. residents following a federal lawsuit.

“With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity,” Intrade said in a note on its homepage, while noting these circumstances require “immediate further investigation, and may include financial irregularities.”

The Irish company — known for offbeat markets on presidential politics and the Academy Awards — said it settled open positions and calculated the settled account value for all member accounts, as well as halted banking transactions.
http://blogs.wsj.com/marketbeat/2013/03/11/intrade-shuts-down-months-after-federal-scrutiny/

Intrade has often been cited as a reliable barometer of public opinion but wasn't always right.