Former finance boss facing fraud charges

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THE case against the former managing director of a wealth management firm which is under investigation by financial regulators in Jersey and overseas following an alleged international fraud has been committed to the Royal Court.

Ten new charges have also been brought against Christopher Paul Byrne, the former head of Lumiere Wealth, the Magistrate's Court heard.

He is now facing a total of 14 charges concerning a range of allegations that relate to his dealings with a number of former clients as well as financial regulators.

One of the charges is that, on or around 21 March last year, he allegedly induced or attempted to induce a 77-year-old woman to enter into an agreement to lend him £1 million on terms involving payment of interest or repayment at a premium, by dishonestly concealing that the document he invited her to sign was an unsecured personal loan agreement.

Among the other counts, the defendant is charged with 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 charges state investors were told that their capital would be 'safe' and that the capital would be 'ring-fenced' by law.

Mr Byrne was released on bail and is due to appear in the Royal Court in the coming weeks.

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