Hubbard on 50 charges

The SFO has announced that the Mr Magoo of New Zealand finance is to face 50 charges.

The Serious Fraud Office has confirmed it has laid 50 charges against failed financier Allan Hubbard.

SFO chief executive Adam Feeley said in a statement just released: “after an exhaustive investigation, we have concluded that there is sufficient evidence to lay fraud charges against Mr Hubbard.”

Feeley said that fifty charges under sections 220, 242 and 260 of the Crimes Act had been laid today in the District Court in Timaru.

The SFO said it did not intend to lay charges against any other current or former director of Aorangi Securities Limited.

This man has cost?the?taxpayer billions in the collapse of his fancy Ponzi scheme called South Canterbury Finance. It is evident now that the SCF should never have been in the deposit guarantee scheme in the first place.

The pity is he will be long dead before the SFO can sort out its internal mess and even start to prosecute this case.

This case now provides stark contrast with the case of the treatment of Mark Hotchin by the authorities and the media. Mr Magoo cost this country billions because of the guarantee scheme, the depositors all got their money back and now Mr Magoo faces charges. Meanwhile Hanover cost the taxpayers nothing and as a reward for that Mark Hotchin is being victimised by?authorities?who so far, after looking for many months longer than they have for Hubbard have come up with nothing.

Let’s see the media now go into a frenzy over Hubbard and while they are at it go ask some very pointed questions of the Finance Minister as to why SCF was even in the scheme to start with. It is as clear as the nose on my face that there was material differences between stated positions.