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

 


Finance company legal advisor found guilty of fraud

Finance company legal advisor found guilty of fraud

Hugh Edward Staples Hamilton (62) has been found guilty at the Auckland High Court today of 14 charges arising out of the collapse of Belgrave Finance Limited (Belgrave Finance). The charges were brought in a joint prosecution by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA).

The charges related to loans, with a value of more than $12 million, made by Belgrave Finance to various related companies between June 2005 and March 2008.

Mr Hamilton, a former barrister and solicitor, was a legal adviser to the other individuals, Mr Schofield, Mr Smith and Mr Buckley, who were charged in relation to Belgrave for substantive fraudulent representations and use of Belgrave investors’ funds.

Mr Hamilton was found not guilty of 25 charges, these included 11 charges of false statement by a promoter, 11 Companies Act charges of making a false statement to a trustee and three theft charges.

Justice Faire’s comments regarding the verdict, included that he was satisfied that Mr Hamilton “had knowledge that Mr Schofield, Mr Smith or Mr Buckley, through their borrowing were causing Belgrave to be in breach of the Debenture Trust Deed.” Justice Faire also found beyond reasonable doubt that Mr Hamilton “intended to assist in the offending”.

FMA Head of Enforcement, Belinda Moffat, said, “Professional advisers play a critical role in ensuring compliance in financial markets. This case shows that advisers who fail in this basic obligation and who are instrumental in enabling their clients to commit financial crimes will be held accountable for their actions.”

SFO Director, Julie Read, added, “This was a complex matter which has been dealt with through our coordination with the FMA, ensuring the most effective and efficient application of specialist skills and resources to the investigation.”

Mr Hamilton has been remanded on bail and will next appear for sentencing on 4 July 2014.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On The Govt’s Token Plans For Cyber-Security

Basically, the world is divided into two types of people: those who think the Panama Papers illustrate the bad shit that some people do, and those who think the Panama Papers illustrate what needs to be done to make sure no-one else discovers the shit – good or bad – that they’re doing. More>>

ALSO:

Gordon Campbell: On Pharmac’s Grudging Concession To Reality

Is this any way to run a health system… whereby terminally ill patients are forced into public demonstrations before the government (and its funding agency Pharmac) will grudgingly provide the money for life-saving treatments freely available and publically funded in Australia for the best part of a year? More>>

ALSO:

Labour: Healthy Homes Bill Passes First Reading

Some of New Zealand’s most vulnerable children and families are on their way towards safer living conditions with the passing of the first reading of the Healthy Homes Guarantee Bill in Parliament last night, Leader of the Opposition Andrew Little says. More>>

ALSO:

Werewolf Satire: Home, And A Way

The one thing even more popular than an Auckland house is offering advice on how to afford an Auckland house. So, on the grounds it can’t be worse than some of the stuff that’s out there, here’s my three cents* worth. [*Up 50% since 2013!] More>>

ALSO:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news