Witnesses were cross-questioned in the ongoing trial of Alternate Investment Services and its directors Robert Le Fustec and Douglas Clark.
John Cronin, an employee of Alternate, is no longer a party to the proceedings.
The action has been brought by the Jersey Financial Services Commission, following complaints from Jersey residents who were advised to invest in Traded Endowment Investment Portfolio Plans (TIPPs) from 2000 to 2003.
Yesterday defence lawyer Advocate Fraser Robertson probed the witnesses about the reasons behind their decision to sign up for the investments, which involved a relatively high level of borrowing.
Investor Timothy Bidmead said Mr Le Fustec had explained only the TIPP option in detail, although other types of investments had been included in a follow-up document.
‘The advice was that TEPs (Traded Endowment Policies) would be the best,’ he said.
