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


Prosecutions promote renewed public confidence

Joint finance company prosecutions promote renewed public confidence and ethical conduct in financial markets

Lawyer, Hugh Edward Staples Hamilton (63), who was found guilty of fraud in relation to the collapse of Belgrave Finance Limited (Belgrave), has been sentenced at the Auckland High Court today to four years and nine months’ imprisonment.

Mr Hamilton was found guilty in May of 14 charges 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 to various related entities between June 2005 and March 2008.

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

Mr Hamilton was found guilty as a party to the offending, namely, theft by a person in a special relationship. Mr Hamilton aided Mr Schofield, Mr Smith and Mr Buckley in perpetrating the related party transactions in breach of Belgrave’s Debenture Trust Deed. He also transacted a portion of the loan funds through his firm’s trust account on behalf of Mr Schofield.

SFO Director, Julie Read said, “At the time Belgrave was placed into liquidation, it was the 20th finance company to collapse in two years. The SFO have been acutely aware that the finance company collapses hindered public confidence in the integrity of our financial markets. The sentencing of Mr Hamilton concludes another prosecution and is one step closer to addressing and rebuilding that confidence.”

FMA Director of Enforcement and Investigations, Belinda Moffat, added, “The sentence reflects the seriousness of the offending in the Belgrave case. Professional advisers play a critical role in companies that raise money from the public, and they have a responsibility to ensure they do not enable wrongdoing. We hope this decision and the conclusion of the case will help to promote high standards of conduct in New Zealand’s financial markets.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



#soperraid: Police Search Wellington Apartment Of TV3 Journalist

Police on Tuesday morning began searching the home of another Wellington journalist... police were searching the Wellington apartment of TV3’s Heather du Plessis-Allan as part of an investigation into her report on the unlicensed purchase of a rifle. More>>


Relationship Property, Declaratory Judgments, And... New Law Commission To Review Search And Surveillance Law

“This joint review will consider how this law has operated since it was passed, and whether any changes are needed to respond to issues such as the impact of modern technology on the ability of Police and other authorities to prevent and investigate crime,” says Ms Adams. More>>


Housing Issues: Homelessness On The Horizon For Baby Boomers

Baby Boomers who have held down jobs and contributed to the well-being of New Zealand through their taxes may yet become homeless in late middle age or early retirement without urgent Government action, says The Salvation Army. More>>


Treasury Has Doubts On Christchurch Rebuild And... Auditor-General Follows Up On EQC

Despite the improvements made, EQC could still learn better from complaints and improve its customer focus and interactions... Although the programme is nearing completion, EQC needs to provide the best service possible for the home owners whose homes are still to be repaired. More>>


Man Who Banned 'Into The River' Out The Door: Appointments To The Film And Literature Board Of Review

Internal Affairs Minister Peter Dunne has announced seven appointments to the Film and Literature Board of Review... “The new members of the Board... will provide a strong mix of skills and experience to help the Board carry out its functions, while representing a cross-section of society.” More>>


Climate Marches: New Zealanders March For Solutions Not Pollution

Ahead of the UN Climate Summit in Paris more than 15,000 New Zealanders have taken part in the Peoples Climate march in Auckland, kicking off the largest climate mobilisation the world has ever seen... More>>


Labour: Little Announces New Shadow Cabinet

“Labour had an impressive intake of fresh faces after last year’s election and newest MPs have now had a year to show what they’re made of. This reshuffle rewards hard work and continues my drive to renew our Caucus line up." More>>


Because Reasons: Someone Reckons David Seymour Is Politician Of The Year

Trans Tasman's 11th annual Roll Call has thrown a curve ball this year, ignoring the likes of John Key, Bill English, and Winston Peters to pick its politician of the year from the ranks of the new generation. More>>


Whaling: NZ Deeply Disappointed By Japan's Decision

“New Zealand is strongly opposed to whaling in the Southern Ocean. We call on Japan to take heed of the 2014 International Court of Justice decision and international scientific advice concerning their whaling activities.” More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news