The high-risk Providence fund promised generous returns by chasing down Brazilian corporate debt.
When it collapsed, resulting in convictions in the US for its bosses, Lumiere Wealth quickly followed.
Byrne’s defence was he believed in the fund, wanted it to succeed and was only guilty of being foolish, however, he didn’t reveal his connections to Providence.
The fund was a shareholder in Lumiere Wealth and paid Byrne handsomely for bringing funds in.
The court heard Byrne showed few scruples in targeting vulnerable savers, squeezing millions out of them.
He also juggled funds when investors began withdrawing cash before the house of cards collapsed.
Investors have been told they shouldn’t expect to get their money back.