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Westgate Capital Management - 12 March 2008

Public Statement - Westgate Capital Management

The Jersey Financial Services Commission (“the Commission”) has issued this public statement under Article 25(2) of the Financial Services (Jersey) Law 1998, as amended (the “Financial Services Law”).

This statement is made in order to warn investors and others against dealing with unauthorised financial services providers. The persons named below have not received authorisation to conduct financial services business within the meaning of the Financial Services Law.

Westgate Capital Management (“Westgate”) (“the Website”)

The Commission believes that Westgate, as described on the Website, is carrying on, or holding out that it is carrying on, financial service business, in Jersey, when it is not authorised to do so pursuant to the provisions of the Financial Services Law.

The Commission wishes it to be known that:

  1. Westgate, as described on the Website, has never been registered, or applied for registration, under the Financial Services Law.  Therefore, any financial service business, as defined under Article 2 of the Financial Services Law, carried out in the name of Westgate as described on the Website, since 1 July 1999, is a breach of Article 7 of the Financial Services Law.
  2. The Commission wishes to alert members of the public that the Website provides false and misleading information and, from the documentation held by the Commission, it would appear that Westgate, as described on the Website, displays warning signs of being set up for a fraudulent purpose.

All regulated businesses in Jersey are listed on the Commission’s website, which can be accessed by clicking here.

Any person who has had dealings with Westgate as described on the Website is requested to contact the Commission.


Barry Faudemer
Director, Enforcement
Jersey Financial Services Commission

14 - 18 Castle Street
St. Helier

12 March 2008



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