Guernsey Court Refuses Providence [Ponzi scheme] Directors a Privacy Request for their Appeal

The following APPELLANTS have applied for PRIVACY ORDERS in their challenge of, amongst other things, the findings made by the SDM and the Bailiff that they [the Appellants] did not meet the minimum criteria to hold a license in Guernsey.

Appellants

1. ROBIN FULLER First Appellant
2. ADAM IAN HAYDEN TATTERSALL Second Appellant
3. PATRICK BARRY MORONEY Third Appellant

Here is some information about the individuals involved in the Providence Ponzi scheme:

1. Robin Fuller
1. Is associated with the Providence Investment Ponzi scheme.
2. He was involved in the management of Providence Investment Funds PCC Limited and its manager, Providence Investment Management International Limited
3. The scheme, which promised high returns from Brazilian factoring operations, collapsed, leading to significant financial losses for investors
2. Adam Ian Hayden Tattersall:
1. Adam Ian Hayden Tattersall was associated with Providence Wealth Limited and several other companies.
2. He held multiple directorships and was involved in Providence Bonds Plc and Providence Bonds II Plc, part of the broader Providence Investment Ponzi scheme.
3. The scheme collapsed, leading to significant financial losses for investors.
3. Patrick Barry Moroney:
1. Patrick Barry Moroney was linked to the Providence Investment Fund, part of a Ponzi scheme that collapsed, causing substantial investor losses.
2. The scheme was marketed to Channel Island customers and involved high returns from a Brazilian factoring operation^.
3. The fund administrators sued its former auditors, PwC, for failing to detect fraudulent activities.

The PRIVACY ORDERS would require the appeals in these cases, due to be heard by this Court in February 2025, to be held in private and the publication of any information about the appeal to be restricted.

THE COURT refused the application. The COURT said:-

1. The Appellants have been the subject of regulatory proceedings brought by the Respondent [GUERNSEY FINANCIAL SERVICES COMMISSION Respondent] because of their links to companies connected with a fraudulent investment scheme referred to as the Providence Group.
2. The Providence Group was a Ponzi scheme that collapsed in August 2016.
1. The collapse led to the Respondent's investigation into the Guernsey-based corporate entities, their directors, and managers associated with the Providence Group, including the 3 Appellants.
3. On 4 March 2021, a Senior Decision Maker, Glen Davis (then QC, now KC), (the SDM), appointed on behalf of the Respondent, rendered his Final Decision, finding that
1. The Appellants did not meet the minimum licensing criteria, and sanctions were imposed on them.
4. On 14 August 2024, following a private appeal hearing, the Bailiff dismissed the appellants' appeals (save for their appeals against sanctions).
1. The Bailiff ordered that his judgment not be published beyond the parties and their legal advisers.
5. Both the SDM and the Bailiff agreed (albeit by different routes and reasoning) that the Appellants did not meet the minimum criteria to hold a license in Guernsey.
1. The appropriate sanction in the case of each of the Appellants has been remitted to the Respondent for reconsideration based on the findings made by the Bailiff.
6. The appeals to this Court challenge, amongst other things, the findings made by the SDM and the Bailiff.

Read more:-

• IN THE COURT OF APPEAL OF GUERNSEY (CIVIL DIVISION) - Court of Appeal Case No. 586/587/588/589 - 4th December 2024
• https://www.guernseylegalresources.gg/CHttpHandler.ashx?documentid=86199

Source:  

1. https://www.offshorealert.com/tag/robin-fuller/
2. Mr Adam Ian Hayden Tattersall (Providence Wealth Limited) - Director .... https://open.endole.co.uk/insight/people/17379625-mr-adam-ian-hayden-tattersall.
3. PwC set for court showdown over £122m Ponzi scheme. https://www.thisismoney.co.uk/money/news/article-8337897/PwC-set-court-showdown-122m-Ponzi-scheme.html.
4. Hope for out-of-pocket local Providence investors. https://guernseypress.com/news/2022/05/12/hope-for-out-of-pocket-local-providence-investors/.