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 Anne Tolley’s
Callous Folly

Years ago, I remember someone in the Heath Ministry telling me off the record that regulatory oversight in this country largely consisted in ‘waiting for something to turn green or fall off somebody’ before the authorities would swing into action...

Last week’s conflict between Social Development Minister Anne Tolley and District Court judge Carolyn Henwood illustrated quite a few of the flaws in the system. More>>

 

Members’ Bills: Greens' Domestic Violence And Loans Bills Pulled From Ballot

Jan Logie’s Domestic Violence-Victims' Protection Bill introduces workplace protections for victims of domestic violence, including allowing victims to request paid domestic violence leave for up to 10 days... Gareth Hughes’ Bill allows Kiwis with student loans to defer their student loan repayments into a first home savings scheme. More>>

ALSO:

IPCA: Police Did Not 'Deliberately' Use Pepper Spray On 10-Year-Old

"When spraying the man, the officer did not properly consider the necessity of using pepper spray in a confined space, the likelihood that it would affect the other innocent passengers or the fact that he was using a more powerful spray." More>>

ALSO:

Donor Bill Passes: Full Income Compensation For Live Organ Donors

Unanimous cross-party support for the Compensation for Live Organ Donors Bill represents a critical step in reducing the burgeoning waiting list for kidney donations, according to Kidney Health New Zealand chief executive Max Reid. More>>

ALSO:

Earthquake Response: Emergency Legislation Prepared

Three new Bills have been drafted in the wake of the magnitude 7.8 earthquake on November 14 to ensure the government can enable affected communities to respond quickly and efficiently. More>>

ALSO:

Housing MPs: New Building(s) For Parliament

A new building will be erected on Parliament grounds to house Members of Parliament and their staff who currently work in leased accommodation in Bowen House. The plan has cross-Party support, apart from NZ First, said Parliament’s Speaker, Rt Hon David Carter. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news