The office of beleaguered stockbrokers W & R Morrogh was flooded with inquiries from investors yesterday after the Cork firm was ordered to cease trading following the discovery of financial irregularities.

The company has a number of small investors on its books, many of whom greeted the revelation of financial irregularities with a mixture of shock and anxiety. One investor from west Cork said she was afraid she would never see her money again, and expressed amazement that something like this could happen with such a reputable firm. "I never thought something like this could happen. I have always found the company to be professional and above board. I'm worried about never getting my money back, but at this stage I am just stunned by it all." Another investor, who declined to be named, said he was worried when he first heard the news about the firm, but had since been reassured by staff at W & R Morrogh that his money was safe. "I have a receipt so I know that my shares have been purchased and have gone through. They told me that my shares are safe. To be honest, I am very relieved." Meanwhile, a source close to W & R Morrogh, which has been trading in the city for more than 100 years, said the firm was working with the Central Bank to establish how the irregularities arose. The firm is also keen to inform investors it is available to discuss individual accounts. "Four of our brokers are actively working to establish how the irregularities arose. At this stage we want to reassure investors that we will be manning the phones indefinitely and are open to their inquiries." It is believed the firm initiated contact with the Central Bank after noticing a series of financial irregularities. Investigators moved in to the office on Thursday to begin their assessment of the situation. Garda fraud bureau detectives are on standby to begin an investigation.

Detectives in Cork are also expected to interview the person at the centre of the allegations. It is understood that inspectors from the Central Bank have been unable to contact the individual in question. A source close to W & R Morrogh's added that the figure of £1 million (#1.27 million) reported yesterday was erroneous. "The figure of £1 million is incorrect. I think people just wanted to come up with a rounded figure and that is where the £1 million came from. In fact, it seems to be a lot less than £1 million, which is a huge source of relief to us."