Jersey

Jersey investors hope for States bail-out

Ian Christmas
Image caption Ian Christmas was ordered to pay a victim £100,000

Jersey people who lost money in property in the United States are hoping island politicians will bail them out.

Millions of pounds was invested in property speculation in Florida and Colorado by three Jersey financial advisors and a former magistrate.

Some was paid back but some investors lost hundreds of thousands of pounds.

The Council of Ministers says an attempt to pay back some from public funds should be thrown out.

Senator Alan Breckon is backing a call at the States meeting on Tuesday for the investors to receive compensation.

Former financial advisers Ian Christmas, Russell Foot, James Cameron and John Lewis were jailed for fraud.

During the trial last year, the court heard the four men had been involved in a property purchase in the United States but had defrauded a number of investors to help settle debts.

In April Christmas was ordered to pay an investor he defrauded £100,000 in compensation.

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