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Investor suspicions lead to fraud charges

20 June 2017
Investor suspicions lead to fraud charges


Paul Clifford Hibbs (48), has appeared in the Christchurch District Court today in relation to a Serious Fraud Office (SFO) prosecution.

Mr Hibbs faces Crime Act charges of ‘False statement by promoter’, ‘Theft by person in special relationship’, ‘Using forged documents’ and ‘Forgery’.

The SFO alleges that from around 2008, legitimate businesses owned and operated by Mr Hibbs, Cameron Gladstone Investments Limited and Hansa Limited, developed into a Ponzi scheme. It is alleged that Mr Hibbs provided clients with false reports in relation to their investments - for example, that he sold investments without clients’ knowledge, that he falsely reported the proceeds of sales were held in cash management accounts or that investments had been purchased. Further, it is alleged that Mr Hibbs used investors’ funds for purposes other than required, for example, using clients’ funds to make payments of capital or investment returns to other clients.

SFO Director, Julie Read said, “'The SFO alleges that Mr Hibbs went to some lengths to ensure that information provided to investors looked genuine. Investors who suspected that that their money was being misappropriated took the right action in reporting the matter to the FMA who referred the matter to the SFO.”

Mr Hibbs will reappear in the Christchurch District Court on 12 July 2017.

ENDS

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