The Magistrate’s Court was told by Advocate Olaf Blakeley, who is defending ex-Lumiere Wealth boss Christopher Paul Byrne, of St John, that the earliest date the Royal Court would be able to stage what is expected to be a six- to seven-week trial would be in July or August 2018.
Mr Byrne faces 14 charges connected to his alleged dealings with ex-clients and financial regulators following the collapse of Guernsey-based Providence Investment Funds PPC last year, which led to many investors losing their life savings.
Lumiere Wealth, which was based at Castle Quay but has now been closed down, marketed investments in Providence to Jersey-based investors.
The charges he faces include making ‘statements, promises or forecasts’ to clients which ‘he knew to be, or was reckless as to whether they were, misleading, false or deceptive, and by dishonestly concealing material facts, induced investors to enter into agreements to purchase securities’.
The case against Mr Byrne was formally committed from the Magistrate’s Court to the Royal Court in June.
However, it returned to the lower court this week to hear what turned out to be a successful application from the defendant to be allowed to travel out of the Island for a holiday to his native Ireland and attend his father’s 80th birthday celebrations.
