Most of the cash secured from investors never went to the Brazilian factoring business it was supposed to have invested in, and administrators from Deloitte have found no material assets in group companies in the island or in the UK.
Miami-based Providence Financial CEO Antonio Buzaneli, who founded the business in 2004 and opened the Guernsey office in 2012, has 'frustrated' efforts to understand the position of Brazilian subsidiary companies.
In the Royal Court yesterday Judge Russell Finch described the position as 'a reeking pile of guano'.
And Simon Gaudion, director of enforcement at the Guernsey Financial Services Commission, which took the initial court action against Providence, said Deloitte's findings were 'extremely concerning'.
