Christopher Byrne, the ex-chief executive of Lumiere, could be facing a substantially shorter period in custody after cooperating with Guernsey Police in its investigation into Providence Wealth, which was found to be a Ponzi scheme.
Byrne was supposed to be sentenced on 8 November, but the Royal Court in Jersey adjourned the case pending further investigation.
The ex-chief executive was found guilty on 18 counts of financial misconduct after he funnelled £3m ($3.9m €3.4m) into a crooked fund.
Olaf Blakeley, Byrne’s lawyer, argued that his cooperation could make him eligible to a substantially reduced sentence, compared to the nine years in custody the prosecution had argued for.
The evidence provided by Blakeley came from a Guernsey Police officer’s email stating that Byrne had been “very helpful” and that the information he provided them “has already proved useful”.
The Court adjourned the case to investigate the matter further, after hearing that individuals who cooperate in investigations that could lead to prosecution can be granted a reduced sentence.
John Saunders, the Royal Court Commissioner presiding the case, apologised to the investors present in the court who had lost their money at the hands of Byrne, but claimed that he was eligible for a “discount” on his sentence due to his assistance with the Providence Wealth investigation.
