Adviser charged over Belgrave collapse

Last updated 10:49 30/11/2012

Relevant offers

Money

No laws broken by KiwiSaver schemes, expert says Rainbow's End, Countdown and New World scams claim to offer freebies Rates cut and $200,000 business recovery package for gastro-hit Havelock North Call for minimum standards for sunglasses The biggest budgeting mistake people make when planning a vacation New Zealand Post reports $141m profit and parcel growth as letters decline Credit card debt cover is expensive and payouts are limited Money alone won't make you rich - the 7 habits of financially successful people What are Kiwi consumers' most common complaints to the Commerce Commission? Grey backlash to proposed Westpac closure in Waikanae where median age is 62

An alleged accomplice to fraud at Belgrave Finance has appeared in the Auckland District Court this morning.

Hugh Edward Staples Hamilton is facing 19 charges under the Crimes Act including theft by a person in a special relationship, false statements by a promoter and making false statements to a trustee.

Hamilton has been charged in a joint prosecution brought by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA).

The 61-year-old was a legal advisor to Belgrave directors Shane Buckley and Stephen Smith.

Buckley was convicted on 19 charges of theft by person in a special relationship and four charges of false statement by a promoter laid under the Crimes Act. He was also convicted on representative charges brought by the FMA under the Securities Act and the Companies Act.

Smith and an associate were committed for trial on similar charges. The trial date is set for April next year.

The SFO and FMA now allege that ‘‘Hamilton is an accomplice to the substantive fraudulent representations and use of the Belgrave investors’ funds’’.  

The fraud office alleges that between June 2005 and March 2008 more than $18 million of Belgrave investors’ funds was used to make related party loans, and, in doing so, they misrepresented to investors how their funds would be used.

‘‘We believe that it is important to explore the culpability of all involved with financial crime. Professional advisers are not exempt and where we believe they have been complicit in offending, we will seek to bring those individuals to account,’’ SFO acting boss Simon McArley said.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content