The Commission has received a copy of the Administrator’s report and also attended a hearing before the Royal Court earlier today where the initial findings set out in that report were presented. The Commission considers it to be extremely concerning that it is not currently possible to fully account for investors’ funds and appreciates that such news will be extremely distressing for those investors. The circumstances surrounding this matter are being thoroughly investigated by the Commission and we are working closely with the United States Securities and Exchange Commission, the Jersey Financial Services Commission and law enforcement agencies both here and overseas. As these formal investigations are continuing, involving a number of individuals, the Commission is limited in terms of what is prudent to disclose at this juncture.
Simon Gaudion, Director of Enforcement