A Norwich-based broker has been arrested in connection with a £1m accounting scandal.

Lucas Fettes director Michael Hart was arrested by Norfolk Constabulary and released on bail.

Michael Hart had been employed by the company from the end of 1998 until last month.

Lucas Fettes director David Fettes said: "We discovered apparent financial irregularities in some of his dealings with some of his clients. We suspended him and immediately informed the police and the FSA."

Fettes said the police had arrested Hart and released him on bail.

A Norfolk Constabulary spokeswoman said: "We can confirm a 38-year-old man from the Norwich area has been arrested in connection with financial irregularities."

"He has been released on police bail pending further enquiries," the spokeswoman added.

It is not known what sum is involved, but it is understood that over £1m may have gone missing from client accounts.

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