A financial adviser who was jailed for three years after stealing £157,000 ($190,874, €178,836) from clients has been disqualified from acting as a director of any Guernsey company for 12 years.

Adrian Galliers was a director and shareholder of Guernsey Financial Consultants Limited, an insurance intermediary licensed under the island’s Insurance Managers and Insurance Intermediaries law.

Time-line

• In 2015 Guernsey Financial Consultants Limited was fined £42,000 by the GFSC after concerns were raised about the way in which the business was run.
• In March 2016, he was convicted of 10 counts of fraud by abuse of position and sentenced to three years’ imprisonment.
• On 10 March 2017, the Guernsey Financial Services Commission (GFSC) applied to the royal court for an order disqualifying Galliers, who consented to the order.

Moving money

During his trial, the court heard that he had taken money from his clients’ pension funds after suffering financial difficulties, according to a BBC report at the time.

Galliers defrauded people who were long term friends and had trusted him implicitly. His intention had been to move money but pay it back later to his clients.

At sentencing, Judge Russell Finch said the “wholly despicable” offences reflected badly on the local pensions and insurance sectors.

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