Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Belgrave Finance lawyer Hugh Hamilton convicted on fraud

Belgrave Finance lawyer Hugh Hamilton convicted on fraud charges

May 16 (BusinessDesk) - Belgrave Finance legal adviser Hugh Hamilton, a former mayor of Central Hawke’s Bay, has been convicted of 14 charges over the lender’s 2008 collapse, and faces up to seven years in jail.

In the High Court in Auckland today, Hamilton was found guilty of 14 Crimes Act charges of theft by a person in a special relationship, the Serious Fraud Office and Financial Markets Authority said in a statement. He was acquitted on a further three theft charges, 11 Crimes Act charges of false statement by a promoter, and 11 Companies Act charges of making a false statement to a trustee and three theft charges. The charges related to some $12 million of related party lending between 2005 and 2008.

“Professional advisers play a critical role in ensuring compliance in financial markets,” said FMA head of enforcement Belinda Moffat. “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.”

Belgrave, which provided finance for property developments from funds raised via debentures and capital notes, was put in receivership in May 2008 owing $22 million to about 1,000 investors. It was placed in liquidation in April 2010.

Hamilton was remanded on bail and will appear for sentencing on July 4.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news