Islanders warned over investments mis-selling

An increasing number of people – often older residents who are looking to save for their retirement – are being talked into ploughing their savings into schemes which have ultimately collapsed and left them with nothing.

In one case ten years ago, a 71-year-old woman lost her £100,000 inheritance from her parents when she invested in an American real estate scheme promoted by Jersey firm Goldridge Stone. She was left so devastated that she suffered a mental breakdown and has had to take medication ever since.

And in 2008, a Jersey postman lost £50,000 after being misled by the same firm into investing into a similar scheme. He lost his home as a result. (See pages 6 and 7).

The new initiative follows the collapse last year of Guernsey investment fund Providence, into which dozens of Jersey residents placed their money.

JFSC director-general John Harris said that more Islanders were being tempted into riskier investments as interest rates have plummeted following the global financial crisis in 2008.

The JFSC has urged Islanders with any concerns over their investments to contact the Channel Islands Financial Services Ombudsman, Doug Melville, on 748610 or at enquiries@ci.fo.org.

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