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$17.5 million Ponzi schemer Paul Hibbs may have hidden cash overseas
A fraudster who stole millions of dollars in a Ponzi scheme that robbed elderly people of their life savings is thought to have hidden large amounts of cash in Australia and the Caribbean.
Paul Clifford Hibbs faces years in jail after admitting taking $17.5 million from his victims – some he had known for two decades – when he siphoned off money while working as an investment adviser.
A judge in August ordered him to pay back more than $7m he stole between 2008 and 2016 through his firm Hansa.
But the 49-year-old is yet to return a single dollar to his victims and has repeatedly refused to cooperate with liquidators to help them recover assets for his victims, denying them access to his financial records.
Read the full article by Dominic Harris > Business Day - stuff.co.nz