Mr Kevin Robert Manning (R)
Date of birth: 6 August 1956
20 November 2019
Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, as amended (the Supervisory Bodies Law)
1.1 The Jersey Financial Services Commission (JFSC) issues this public statement pursuant to Article 26 of the Supervisory Bodies Law with respect to directions issued to Mr Manning under Article 23 of the Supervisory Bodies Law.
1.2 The JFSC’s actions support its objectives of reducing the risk to the public of financial loss and protecting and enhancing the reputation and integrity of Jersey in commercial and financial matters.
2.1 On 12 December 2018, Mr Manning was sentenced to a 3 year and 6 month prison sentence by the Royal Court of Jersey, having pleaded guilty to:
2.1.1 20 counts of fraudulent conversion;
2.1.2 1 count of fraudulent conversion by a trustee;
2.1.3 1 count of failing to comply with the requirements of Article 19 of the Money Laundering (Jersey) Order 2008, contrary to Article 37(4) of the Proceeds of Crime (Jersey) Law 1999, by a failure to maintain, keep and accurately account for client monies in his possession and under his control such that no reconstruction of individual transactions could take place.
2.2 Mr Manning traded as K R Manning & Co and was registered with the JFSC to provide legal professional services under the Supervisory Bodies Law from 19 January 2009 until he was suspended from practice by the Law Society of Jersey in December 2014.
2.3 Owing to the above, the JFSC commenced an investigation in respect of Mr Manning.
3 Summary of findings
3.1 The JFSC’s investigation found the following:
3.1.1 At the time of the offences, Mr Manning had been a Jersey Solicitor for 15 years and the offences were committed in the course of his business as a solicitor.
3.1.2 The majority of Mr Manning’s offences occurred over a period of 2 years:
22.214.171.124 The failure to comply with the requirements of Article 19 of the Money Laundering (Jersey) Order 2008 relates to a failure to keep accurate client records over a six year period from September 2008 to December 2014.
126.96.36.199 The fraudulent conversion and fraudulent conversion by a trustee offences occurred between September 2008 and November 2010.
3.1.3 The fraudulent conversion offences included a number of occasions on which money was transferred from curatorships where he had been appointed as Curator to the interdicts in question. Mr Manning’s conduct in this respect was dishonest and a significant breach of trust, made more egregious by the vulnerable nature of the interdicts in respect of Mr Manning’s position of Curator.
3.1.4 Mr Manning’s conduct during the period of time the offences occurred, demonstrated a lack of integrity.
4.1 Following an investigation in relation to the conduct of Mr Manning, the JFSC has concluded:
4.1.1 It is not appropriate for Mr Manning to work in any capacity in or for any Schedule 2 Business (1) supervised by the JFSC; and
4.1.2 Mr Manning is not fit and proper to work in any capacity in or for any business regulated by the JFSC.
5.1 The JFSC has therefore concluded it is necessary and proportionate in all the circumstances that directions are issued to Mr Manning under Article 23 of the Supervisory Bodies Law.
5.2 The directions prevent Mr Manning from performing any function at all for, engaging in any employment at all by, or holding any position at all in, a Schedule 2 Business. Mr Manning has also been issued with equivalent directions under the regulatory laws (2) preventing him from performing any function at all for, engaging in any employment at all by, or holding any position at all in, any business regulated by the JFSC, without the prior written approval of the JFSC.
5.3 The Supervisory Bodies Law provides the right to apply to the JFSC for the withdrawal or variation of a direction. The JFSC shall withdraw or vary the direction in whole or in part if it considers there are no longer any grounds under Article 23 of the Supervisory Bodies Law which justify the direction or part of the direction concerned.
5.4 Mr Manning will commit an offence, under Article 23(15) of the Supervisory Bodies Law, in the event he fails to comply with the provisions of the directions.
5.5 Any person who allows Mr Manning to perform a function, engage in employment or hold a position knowing that such performance, engagement or holding is in contravention of the directions shall be guilty of an offence.
(1) Businesses such as lawyers, accountants, estate agents, lenders and high value goods dealers.
(2) Financial Services (Jersey) Law 1998, as amended, Insurance Business (Jersey) Law 1996, as amended; Banking Business (Jersey) Law 1991, as amended; Collective Investment Funds (Jersey) Law 1988, as amended.
Contact: Barry Faudemer, Director of Enforcement
T: 01534 822137
Jersey Financial Services Commission
PO Box 267
14-18 Castle Street
Jersey JE4 8TP