Some of the 28 investors who signed up to schemes proposed by Alternate Insurance Services have lost all their initial investment, amounting to hundreds of thousands of pounds.
On the first day of the trial of Alternate Insurance Services and its two directors, Robert Le Fustec and Douglas Clark, the court heard that none of those who had been led to expect substantial returns were experienced investors.
Having suffered ill-health or tragic personal circumstances, some were trying to shore up their finances or wanting to invest a lump sum safely in order to safeguard their futures.
The Jersey Financial Services Commission is alleging that Alternate is ‘not fit and proper’ to provide financial services business and is asking the court to order the directors to compensate the investors for the losses they have suffered.
