Liquidators have calculated total losses of investors’ funds in the failed Louis Group IoM at £50m.

The figure was given on the second day of a disqualification hearing taking place in Douglas courthouse.

Dr Alan Louis, chief executive officer of the collapsed Louis Group IoM, together with fellow former directors John McCauley and Lukas Nakos are defending proceedings brought by the regulator, the Financial Services Authority (FSA).

The court has heard that a fourth defendant, Dirk Frederik Mudge, has given a voluntary undertaking of disqualification to the FSA. Three other former directors have previously given similar undertakings.

Mr Nakos, until recently a team leader at the Living Hope Church in Douglas, was described in court by his advocate as a whistleblower who had raised concerns about Dr Louis. The latter was portrayed in Mr Nakos’ evidence, said Deemster Rosen QC, as a ’sophisticated conman’.

On the second day of the civil court trial, advocate Charles Davies, for the FSA, gave a figure for the scale of losses that had been calculated by the liquidators.

He said: ’The position in very rough terms is that investors invested £60m in the companies and the known return is in the order of £10m so losses are in the order of £50m.’

Dr Louis, who is representing himself at the hearing, disputes the claims against him.

He said he and his family had been portrayed as ’monsters’ and accused the regulator of acting unfairly against him.

Cross-examining liquidator Gordon Wilson, Dr Louis asked about email traffic going to and from the Louis Group IoM. Some one million such emails have been reviewed by the liquidators’ team.

Dr Louis said: ’There’s a lot of allegations made about myself, that I was intimidating. In the emails is there any swearing, any bad language?’

Mr Wilson replied: ’I don’t recall an email that used any bad language.’

Dr Louis asked if there were any emails that indicated that he had a drink problem, or other bad habits or other behaviour that may be inappropriate.

He explained: ’The reason why I ask those questions is that I was brought up to be in control of my emotions. I don’t lash out, or scream and shout.’

He accepted he was a ’flawed individual’ but added: ’I try not to lash out.’

Mr Wilson said he recalled one email which he felt was inappropriate in which Dr Louis said he would be praying for the well-being of the liquidator and that of his family.

He said: ’I found it to be mildly threatening, especially bringing my family into my job. I do remember raising concerns about the content of the email.’ Hearing continues.