The story of Philip Gosset - disgraced banker
Philip Gosset
disgraced banker
In 2024 Harry Le Feuvre, of Jersey Archive,
shared his research into a 19th century banking scandal
Philippe Gosset was the manager of the Jersey Banking Company when it failed. He was also the Treasurer of the States at this time, and in 1886 it transpired that he abused the powers afforded to him in this dual role. He was reported to have speculated with States money, bought stocks unwisely and made false loans through another company, directly resulting in the bank’s failure.
The collapse of the Jersey Banking Company had international ramifications, affecting not only people in Jersey, but also those involved in the cod trade in the Gaspé, Canada. One of the larger companies involved in this trade, Robin and Company, established by Jerseyman Charles Robin, was bankrupted as a result.
Gosset was arrested on 14 January 1886 along with his under manager, Charles Sorel. The trial, which began on 31 March, lasted six weeks. On 8 May Gosset was found guilty of ‘embezzlement of public monies and fraudulently disposing of securities left in his custody’ and sentenced to five years imprisonment.
His crime was considered serious enough that the Bailiff signed a warrant for his transfer from the prison in St Helier to one in the UK. On 10 May 1886 he was transferred to Wormwood Scrubs.
As a result of his imprisonment, Gosset’s vast estate of movable property, which included crystal glasses, an oak study table and a chest, was liquidated and converted to cash. Liquidation also applied to a person’s immovable assets and on 26 March 1887, the authorities passed a contract for the sale of Bagot Manor, which Philip had inherited from his grandfather Isaac Gosset, a cottage, gardens and land, to Joseph Hornby.
