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

 


Belgrave lawyer Hamilton jailed 4 years 9 months for fraud

Belgrave lawyer Hugh Hamilton jailed 4 years 9 months for fraud

By Paul McBeth

July 4 (BusinessDesk) - Belgrave Finance legal adviser Hugh Hamilton, a former mayor of Central Hawke's Bay, has been sentenced to four years and nine months in jail for his role in defrauding the failed lender.

Hamilton was sentenced at the High Court in Auckland today, having been found guilty in May of 14 Crimes Act charges of theft by a person in a special relationship, brought by the Serious Fraud Office and Financial Markets Authority, the agencies said in a joint statement. The charges arose from related party lending of more than $12 million by Belgrave between March 2005 and March 2008.

"The sentence reflects the seriousness of the offending in the Belgrave case," FMA director of enforcement and investigations Belinda Moffat said. "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."

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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news