JFSC advised in September that it is working closely with its Guernsey counterpart and in parallel with US regulators against Providence Global.
The regulator said in September: “Lumiere Wealth Limited was licensed by the JFSC on the 16 April 2015 as a Class D Investment Business (which allows an entity to advise on investments but not hold client assets).
“Investors in Jersey invested in [Providence Investment Funds (PIF)]. The JFSC has been working closely with the GFSC on this case given the exposure of Jersey investors. The JFSC is investigating the advice provided by Lumiere Wealth Limited to its clients in respect of PIF.”
JFSC’s statement also referenced action being taken by the US Securities and Exchange Commission against Providence Financial Investments and Providence Fixed Income Funds, including Providence Group founder Antonio Buzaneli.
“On 26 August 2016, judge Susan Richard Nelson of the District of Minnesota issued an order requiring Anthony Buzaneli to surrender his passports and prohibiting him from leaving the United States until further order of the court.
“The order also freezes his assets, requires Buzaneli to provide an accounting and to repatriate all of his assets to the United States. The JFSC continues to liaise with the US SEC,” the statement said.