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GFSC ban Ponzi scheme operator who is serving 20 years in prison!!!!

29/03/2021

The Providence scandal is a blot on the Islands' landscape, and the legal, regulatory and political response to date has been shocking. Lots of Channel Islanders (and investors further afield) lost their life savings in a regulated Guernsey scheme (Ponzi scheme!!) because many professional gatekeepers were asleep at the wheel. Why has there not been a public enquiry? 

GFSC take action - March 2021
  • On 4th March 2021, The GFSC took action against the perpetrators of the Ponzi scheme –
    • It Issued a £55,000 financial penalty on Mr Jose Eduardo Paula de Lima Araujo.
    • It prohibited the following from performing any function on behalf of a regulated entity.
      • Mr Jose Eduardo Paula de Lima Araujo. (Providence Managing Director – Brazil),
      • Mr Antonio Carlos de Godoy Buzaneli (Providence Founder and Chief Executive Officer) and
      • Mr Jose Manuel Ordoñez (Providence Chief Operating Officer)
What is the point?
Comsure look back
  1. Following one of the biggest Channel Islands financial scandals in recent times (yes, there are others!!), not a lot has happened, albeit Jersey did Jail one facilitator for 7 years.
  2. And what about Deloitte (as administrators) suing PwC for "negligence, breach of duty and breach of contract" in its role as auditor to the Providence fund. 
  3. And what about the criminal investigation into Providence that was launched on Guernsey in October 2016, where four men were arrested on suspicion of fraud. I presume a Guernsey criminal investigation is grinding on in the background, or has it been silently dropped?

This story is a blot on the Islands' landscape, and the legal, regulatory and political response to date has been shocking.

 

https://www.comsuregroup.com/news/guernsey-justice-guernsey-criminal-ponzi-operators-fined-55k-and-banned/

 

GUERNSEY JERSEY

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.