All posts tagged "Failed finance companies"

  • Mutual Finance offender gets sentence discount for document handover
    Mutual Finance offender gets sentence discount for document handover

    A "wilfully blind", thrice-bankrupted businessman was allegedly asked to destroy documents by the principal defendant in the collapse of two finance companies after the Financial Markets Authority. But his decision to instead draw the market watchdog's attention...

    • Posted March 16, 2017
    • 0
  • Four plead not guilty in finance company trial
    Four plead not guilty in finance company trial

    A multi-million dollar fraud trial has started at the High Court in Auckland with executives from Viaduct Capital and Mutual Finance charged with theft in a special relationship and making false statements. Paul Bublitz, Richard Blackwood, Bruce...

    • Posted August 8, 2016
    • 0
  • South Island businessman Allan Hubbard named in Panama Papers
    South Island businessman Allan Hubbard named in Panama Papers

    Former rich-lister Allan Hubbard owned shares in a mining company that had Panamanian law firm Mossack Fonseca as its agent, according to "Panama Papers" that have just been released. Allan and Margaret Jane Hubbard are listed among...

    • Posted May 10, 2016
    • 0
  • NZ foreign exchange firm was running a 'simple Ponzi scheme'
    NZ foreign exchange firm was running a ‘simple Ponzi scheme’

    Christchurch-based Arena Capital, which owes clients $7 million, was running a "simple Ponzi scheme", says a High Court judge. Arena Capital, which traded as BlackfortFX, has been in receivership since last May after the Financial Markets Authority...

    • Posted February 22, 2016
    • 0
  • Hubbard investors must chase interest from estate
    Hubbard investors must chase interest from estate

    Former investors in Allan Hubbard's Aorangi Securities and Hubbard Management Funds will have to chase the deceased Timaru businessman's estate if they want to pursue as much as five years of unpaid interest after the entities' statutory...

    • Posted January 19, 2016
    • 0
  • Property developers stung by old Dominion loan
    Property developers stung by old Dominion loan

    Two retired property developers - who formerly worked on high-end projects in the Pacific Islands - are liable to the receivers of a failed finance company for $308,572 because of guarantees they gave on an eight-year-old loan....

    • Posted November 17, 2015
    • 0
  • Probation grants Ed Sullivan home detention outings
    Probation grants Ed Sullivan home detention outings

    Former South Canterbury Finance director Ed Sullivan says he has been granted four hours' daily release from home detention. Readers who saw Sullivan recently at a South Canterbury eatery have queried his release conditions. He was convicted...

    • Posted November 10, 2015
    • 0
  • Date set for Hanover distribution to investors
    Date set for Hanover distribution to investors

    Hanover investors will this month receive the first distribution of proceeds from the Financial Markets Authority's (FMA) settlement with the failed finance company's directors. It was revealed in July that the FMA had negotiated a $18 million...

    • Posted November 6, 2015
    • 0
  • Finance directors get 200 hours' community work
    Finance directors get 200 hours’ community work

    Two Australian-based failed finance company directors will commute to and from New Zealand to serve sentences of community work. OPI Pacific Finance directors Mar Lacy and Jason Maywald last month admitted making untrue statements in the offer...

    • Posted September 18, 2015
    • 0
  • South Canterbury Finance legal action decision before Christmas
    South Canterbury Finance legal action decision before Christmas

    A team investigating possible legal action against South Canterbury Finance (SCF) has made "considerable progress", with a decision expected before Christmas. Earlier this year, Kapiti financial adviser Chris Lee held a roadshow across the country rallying investors...

    • Posted September 17, 2015
    • 0
  • Liquidator warns Ross Asset Management clawbacks could take years
    Liquidator warns Ross Asset Management clawbacks could take years

    The cost of clawing back money from clients who profited from New Zealand's largest ponzi scheme has risen to close to $500,000, with the liquidator warning the process may run for years. On Tuesday PwC partner John...

    • Posted September 8, 2015
    • 0
  • Bridgecorp's Rod Petricevic leaves prison with property portfolio
    Bridgecorp’s Rod Petricevic leaves prison with property portfolio

    Former Bridgecorp boss Rod Petricevic has traded a jail cell for the more comfortable surrounds of one of his six Auckland properties. The convicted fraudster was freed on parole on Monday, having served half of his six-year,...

    • Posted September 7, 2015
    • 0
  • Perpetual Trust lawsuit back on track
    Perpetual Trust lawsuit back on track

    C+M Finance receiver sued Perpetual Trust and law firm for alleged breach of duties. A lawsuit against Perpetual Trust to try to recover money for investors of a failed finance company is understood to be back on...

    • Posted September 7, 2015
    • 0
  • Hubbard investors receive payout
    Hubbard investors receive payout

    A tiny surplus has been paid to some investors in one of Allan Hubbard's failed investment vehicles. The statutory management of Hubbard Management Funds (HMF) has wrapped up and all 300 of investors got back at least...

    • Posted September 1, 2015
    • 0
  • Hubbard investors may be short-changed
    Hubbard investors may be short-changed

    Investors in Hubbard Management Funds (HMF) had a nervous wait over the weekend to find out what they will ultimately receive from the statutory managers. It is understood a letter has been mailed by the statutory managers...

    • Posted August 30, 2015
    • 0
s2Member®