Ex-Providence director cleared of fondling waitress

Added 28th November 2016

Steve Dewsnip, one of the former directors of the collapsed Guernsey-based Providence Investments Funds, has been cleared sexually assaulting a waitress at Wembley Stadium.

Ex-Providence director cleared of fondling waitress

Earlier this month, the 49-year-old was accused of fondling a young waitress’s bottom in an exclusive Wembley Stadium suite after an England football match.

He pleaded not guilty and denied the allegation, adding that he had no recollection of touching anyone’s bottom, even accidentally.

Dewsnip was cleared of any wrongdoing on 18 November after the jury at Harrow Crown Court took 30 minutes to reach a unanimous 'not guilty' verdict on one count of sexual assault, reports the BBC

Speaking after the case, Dewsnip said: "I have the utmost respect for women and would never dream of behaving in the way portrayed in court."

Collapsed Providence funds

Dewsnip resigned from his position as director at Providence in early August just weeks before Guernsey Financial Services Commission (GFSC) ordered the stricken fund to be wound up, deeming it insolvent.

In a further twist, Jersey’s financial services regulator shut down local IFA firm Lumiere Wealth,after an investigation into the sale of Providence Investment Funds to its clients.

As a result, Lumiere Wealth's founder and managing director, Christopher Byrne was arrested in October, charged with a £1m ($1.2m, €1.1m) fraud linked to the funds.

In September, Providence Global, a majority owner of Lumiere, also came under fire for its links with Miami-based Providence Financial Investments which is accused of defrauding investors out of $64m.

In the same month, a group of British expats named Dewsnip in a lawsuit against NM Rothschild over a Spanish property scheme which allowed them to take out mortgage worth up to 75% of the value of their homes.  

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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