WATCH: Former financier facing nine years' prison for £2.7m fraud

Thursday 08 November 2018

The former CEO of Lumiere Wealth could today be sentenced to nine years behind bars after losing £2.7million of his clients' money in a fraudulent fund, if the Royal Court follows the recommendations of the prosecution.

Christopher Paul Byrne (50) is currently in the Royal Court to be sentenced for misleading his elderly, vulnerable and financially inexperienced clients to get them to invest in a high-risk and ultimately fraudulent fund.

Byrne was found guilty of 16 counts of financial misconduct including misleading his clients and providing false information to the Jersey Financial Services Commission (JFSC) in September.

Video: The former finance boss arrives at the Royal Court to face sentencing.

The former finance CEO will be sentenced before five Jurats, who only assemble for the most serious of cases. Sitting as the 'Superior Number', they are able to hand down prison sentences of more than four years. 

This morning, the court heard from the prosecution, represented by Crown Advocate Simon Thomas.

He emphasised the vulnerability of Byrne's former clients and the closeness of their relationship, which he argued Byrne exploited to get them to part with their money. Taking the Court through the extensive indictment against the former finance boss, Crown Advocate Thomas highlighted the "devastating effect" both the loss of money and the stress of having to give evidence at trial had on Byrne's former clients. 

Advising the Court on sentencing, Crown Advocate Thomas recommended a prison sentence of nine years and an order to disqualify Byrne from practising as a financial advisor for a period of 12 years “on account of the way he conducted his business."

Pictured: Christopher Paul Byrne, the former CEO of Lumiere Wealth, will be sentenced in the Royal Court today after conviction in September.

With regard to the possibility of the investors getting their money back, the Crown Advocate said that “the Crown is still actively considering a compensation case” but that they needed more information as to “the current state of Mr Byrne’s assets."

The defence are now presenting their case, and are expected to argue in favour of a shorter sentence.

Byrne was convicted after a lengthy trial in the Royal Court which lasted over a month, during which he denied the majority of the allegations brought against him. The trial heard testimony from witnesses including an elderly French couple, a pensioner and a retired teacher.

The ex-financial advisor has been in custody since Royal Court Commissioner Sir John Saunders and Jurats Blampied and Christensen returned a guilty verdict in September.

Follow Express for updates…