Jersey politicians reject compensation for fraud victims

Investors who lost thousands of pounds in a fraudulent scheme in Jersey will not get compensation from the States.

Senator Alan Breckon asked members to help the 57 victims of scheme which saw three financial advisors and a former judge jailed for their actions.

But the house turned down the proposal 10 votes in favour, to 34 against.

Members also turned down a plan for an investor compensation scheme, which could have helped future victims of fraud.

There is currently no mechanism to ensure investors are compensated in Jersey.

Property investment scheme

Senator Breckon wanted each victim to get £48,000 from funds held by the Jersey Financial Services Commission.

Four men were jailed in 2012 for their parts in the scheme.

Ian Christmas was found guilty of defrauding an investor of £100,000 in a property investment scheme and jailed for 15 months.

Former financial advisers Russell Foot, James Cameron and John Lewis were also found guilty in the case and received four-and-a-half year prison sentences.

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