Last week, Christopher Byrne, the managing director of Lumiere Wealth, was sentenced to seven years in prison for charges related to selling fraudulent investments.
He was found guilty of a range of fraud offences in September. The charges related to selling a fund, Providence, which was later found to be a global Ponzi scheme.
The Police and the JFSC said during a joint statement: “The Police and JFSC are grateful to those victims who were willing to assist in the prosecution of Mr Byrne.
“We hope that his conviction will encourage members of the public to ask questions of their financial adviser about the investments being advised on and to read carefully any documentation supplied to them before investing.”
The Police also said that they were hoping to “encourage all persons looking to invest funds with a financial adviser to follow the guidance” issued by the JFSC.
Byrne will be disqualified from working in finance for 12 years.