The long-running legal battle against defunct Belgravia Financial Services Group has seen a third man brought to Jersey to face fraud charges.
Simon Bailey is accused of six offences, including the fraudulent sale of a former fund management company, reports Channel Islands newspaper Bailiwick Express.
The former Jersey resident’s return follows a lengthy process that involved collaboration by organisations including Interpol, the UK’s National Crime Agency, Jersey Police’s Financial Crime Unit, the Jersey Financial Services Commission (JFSC) and the Philippine Authorities.
A spokesperson for the Financial Crime Unit told the newspaper that Bailey had been in the Philippines when the extradition proceedings were issued against him.
However, he took the decision to voluntarily return to the island.
Describing the investigation as “lengthy and complex”, the spokesperson said it involved “evidence gathering and assistance from multiple jurisdictions”.
Three in the dock
Bailey joins Russell King, who was extradited from Bahrain in July, and Paul Barber, who was brought over from the UK in August.
Both reportedly facing 28 charges relating to fraud and forgery.
It is not clear what roles King, Barber and Bailey had at the company, as its opaque structure was one of the reasons the firm was shut down in 2008.
There are currently no details around the sum that was defrauded or any action being taken by investors to recoup their losses.
Global reach
Investment boutique Belgravia Asset Management was founded in 2004, with Belgravia Financial Services Group set up a year later.
It had offices in Jersey, London, Dubai and Hong Kong and ran a property fund and a precious metal hedge fund aimed at wealthy individuals and institutional investors.
The unexpected death of the founder in 2008, following an unsatisfactory visit by the JFSC, saw Belgravia AM suspended and placed into liquidation.
