Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


Further charges laid in Belgrave Finance investigation


Media Release

30 November 2012

Further charges laid in Belgrave Finance investigation

An Acacia Bay man, Hugh Edward Staples Hamilton (61) has appeared at the Auckland District Court today charged with fraud following the 2008 collapse of Belgrave Finance Limited (Belgrave).

As a result of a joint prosecution by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA), Mr Hamilton is facing 19 Crimes Act charges of theft by a person in a special relationship, five charges of false statement by promoter, and 11 Companies Act charges of making a false statement to a trustee.

Mr Hamilton, a former barrister and solicitor, was a legal advisor to the other individuals charged in relation to Belgrave. He no longer holds a current practicing certificate.

Following the collapse of Belgrave in 2008, the FMA (then Securities Commission) made initial investigations into the company before referring the matter to the SFO in June 2010. As a result of the SFO investigation, in September 2011 the SFO and FMA commenced a joint prosecution.

The SFO initially laid 23 fraud charges against three people alleging that between June 2005 and March 2008 they used more than $18 million of Belgrave investors’ funds to make related party loans and in doing so they misrepresented to investors how their funds would be used.

The FMA laid an additional 23 charges under the Securities Act and Companies Act.

Acting Chief Executive of the SFO, Simon McArley explained that additional information resulted in further enquiries into Mr Hamilton’s involvement. The SFO and FMA now allege that Mr Hamilton is an accomplice to the substantive fraudulent representations and use of the Belgrave investors’ funds.

“We believe that it is important to explore the culpability of all involved with financial crime. Professional advisors are not exempt and where we believe they have been complicit in offending, we will seek to bring those individuals to account.” Simon McArley said.

FMA Head of Enforcement, Belinda Moffat, said it is alleged that Mr Hamilton was a party to the conduct of the Belgrave directors particularly with respect to related party lending and statements made to the trustee.

"This case highlights the importance of the role that professional advisers have to ensure that Trustees of issuers are provided with accurate information," Ms Moffat said.

On 30 August 2012, Shane Joseph Buckley (44) a former Belgrave Director was sentenced to three years imprisonment after pleading guilty for his role in defrauding the Belgrave investors. Mr Buckley was convicted on 19 charges of theft by person in a special relationship and four charges of false statement by a promoter laid under the Crimes Act by the SFO. Mr Buckley was also convicted on representative charges brought by the FMA under the Securities Act and the Companies Act.

Earlier this year, former Belgrave Finance Director, Stephen Charles Smith (43), and an associate, Raymond Tasman Schofield (49), were committed for trial on similar charges. The trial date is set for 29 April 2013.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On What John Key Should Be Asking Joe Biden

No doubt, US Vice-President Joe Biden will be updating Prime Minister John Key on the chances of a TPP vote taking place in the ‘ lame duck’ session of Congress that’s held between the November’s election and the inauguration of a new President in January. More>>

ALSO:

Make NZ Make Again: Greens Will Establish A Minister For Manufacturing

The Green Party announced today that it will establish a Minister for Manufacturing in Cabinet, to better represent the interests of manufacturers and ensure they thrive. The Minister will be inside Cabinet and have responsibility for the long-term interests of the manufacturing sector. More>>

ALSO:

Cannabis Party: Treasury Figures On Cost Of Criminalisation

Figures released by Treasury prove the economic viability of The Cannabis Party's policy, while destroying the credibility of police claims about cannabis harms. More>>

ALSO:

Green Party: Investigation Into Mental Health Facilities Shows Disarray

The Health Minister must urgently launch an inquiry into mental health services, after serious issues with the standard of care at mental health and disability facilities around the country were revealed today, the Green Party said. More>>

ALSO:

Apparently He Means 'Years 0-8': Seymour Announces 4th Partnership Schools Application Round

“The continuing growth of this policy reflects the achievement of the eight existing Partnership Schools, and the strong levels of interest educators and community leaders are showing in the Partnership Schools model and what it offers students and their families,” Mr Seymour says. More>>

ALSO:

Trust Directors: Urban Māori Win Case Against Te Ohu Kai Moana

The National Urban Māori Authority (NUMA) and Te Waipareira Trust have succeeded in their claim over a $20 million trust set up for the benefit of urban Māori, meaning all directors of the trust must represent Māori who are not affiliated with an iwi. More>>

New Model: Carbon Tax Could Lower Emissions And Boost Economy

A carbon tax targeting emissions-intensive industries, along with a revamped Emissions Trading Scheme (ETS), could boost economic growth, with the extra tax generated used to cut GST from 15 percent to 12.5 percent. More>>

ALSO:

Budget Docs Release: ACC Sought $158mn In Budget 2016, Got $26.4mn

The Accident Compensation Commission requested an extra $158 million in funding for 2016/17 from the government ahead of Budget 2016, but Treasury instead recommended an interim payment of just $26.4 million be funded to tackle demographic changes, papers published by the government show. More>>

ALSO:

Submissions Sought: Māori Party Joins Opposition Housing Inquiry

People who are homeless, those who were once homeless, those working with the homeless and concerned New Zealanders are being asked to share their experiences and solutions to this growing issue with the Cross-Party Homelessness Inquiry. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news